India's Minda Corp slides on Q3 profit fall

Minda

09/02/2023 04:53

** Shares of automotive component maker Minda Corp  MINC.NS 
fall as much as 2.5% to 205.8 rupees
    ** Shares post biggest intraday pct fall in a week
    ** MINC on Wednesday reported Q3 consolidated profit after
tax slumped 25.2% to 522.6 million rupees ($6.32 million) YOY
    ** Co was hurt by ~44% jump in total expenses during the
quarter, of which ~65% was contributed by cost of materials
consumed
    ** "Rural demand saw weakness on the back of uneven monsoon,
higher finance cost and tepid rural sentiments," said Ashok
Minda, Chairman and Group CEO
    ** Co consol rev from ops rose to 10.68 bln rupees vs 7.38
bln rupees the previous year
    ** Analysts covering the stock on average have a "strong
buy" rating; median PT is 282.5 rupees - Refinitiv data
    ** Stock had gained 21% in 2022; up 3% YTD
($1 = 82.6330 Indian rupees)
 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))