MIL announces Q2 results, sales growth by 44.42%

New Delhi, Oct 27 (UNI) Minda Industries Lmd (MIL), one of the India's largest manufacturer of 2-3 wheeler automotive switches, today announced financial results for Q2 of 2006-2007 sales growth by 44.42 per cent and net profit growth by Rs 407.42 lakh.

MIL, the flagship company of the Rs 545 crore N K Minda Group, announced its unaudited financial results for the quarter ended September 30, 2006.

''Our performance is in line with our target of 40 per cent top-line growth this year as well which is in keeping with our CAGR of 40 per cent over the last three years,'' said Minda Industries Ltd Managing Director N K Minda.

The sales for Q2 in 2006 were up by 44.42 per cent from Rs 5758.08 lakh in Q2 2005-2006 to Rs 8315.85 lakh in Q2 2006-2007.

Net profit was up to Rs 407.42 lakh in the same quarter as compared to Rs 367.46 lakh in Q2 2005-2006.

The earning per share (EPS) was Rs 3.88 in the quarter ended September 30, 2006, up from Rs 3.5 in Q2 from the corresponding period last year.

Mr Minda said, ''Exports have started to become a major part of our offering and today the Minda seal of quality is available across the globe and we are venturing into newer arenas and have opened the European and US markets as well.

MIL designs, develops and manufactures switches for 2/3 wheelers and off-road vehicles. It also manufactures lamps for automobiles (2/3 and 4 wheelers). The plans are already underway to manufacture battery at a new facility in Pantnagar.

Minda Industries Ltd has its manufacturing plants in Gurgaon, Pune, Hosur, Delhi and Aurangabad and has over 1200 employees. It also has a manufacturing facility in Indonesia, looking after the booming ASEAN market.

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