New Delhi: Minda Industries Ltd (MIL), the country’s largest manufacturer of 2- and 3-wheeler automotive switches, has reported a slight dip in sales for the quarter ended 31 December 2007. A statement released by the company on 24 January 2008 says the figure stood at Rs9,717.48 lakh for the quarter under consideration, against Rs9,755.93 lakh in the corresponding quarter a year ago.
Sales in first nine months of 2007-08, however, were higher at Rs29,786.76 lakh as against Rs26,219.17 lakh in the same period in 2006-07.
Profit after tax for the quarter was up at Rs425.01 lakh as compared to Rs411.62 lakh in Q3 2006-2007. The PAT in the first nine months of 2007-08 was at Rs1,123.43 lakh, against Rs1,080.52 lakh for the same period in 2006-07.
“The slowdown in two wheeler sales remain a concern area but our diversification strategy is in place and by the next two quarters, our revenues will start flowing in from our expansion projects as well as our Greenfield facilities”, N.K. Minda, managing director, MIL, said in the statement.
Apart from designing, developing and manufacturing switches for 2- and 3- wheelers and off-road vehicles, MIL also makes lamps for automobiles. The company is part of the Rs832 crore NK Minda Group.