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Minda Industries halves capex on sluggish growth forecast

Minda Industries halves capex on sluggish growth forecast
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First Published: Tue, Sep 06 2011. 03 07 PM IST
Updated: Tue, Sep 06 2011. 03 07 PM IST
New Delhi: Auto equipment maker Minda Industries has halved its FY12 capex to Rs 40 crore and expects sales and net profit to grow 15% and 10%, respectively, this fiscal year, its chairman and managing director said on Tuesday.
“The growth is not as good as it used to be. It’s better to wait and watch,” Nirmal K. Minda told reporters.
The company had planned a capex of Rs 80 crore in FY12 but has deferred expansion worth Rs 40 crore by 6-8 months, he said.
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First Published: Tue, Sep 06 2011. 03 07 PM IST
More Topics: Minda | Capex | Expansion | Forecast | Growth |