LETTER TO SHAREHOLDERS
I take pleasure to greet all the shareholders at a time when the Company has put up a
subdued performance in Financial Year 2012-13, despite a slowing demand in auto components
At Minda Industries, our entire group team remains determined to follow on the lines of
our recently restructured corporate identity "UNO MINDA", which remains
committed to "Think, Inspire and Flourish". The team has responded well by using
strong business ethics, excelling in business and working towards continuously sustaining
some growth, even amidst a difficult scenario in the sector.
Our Company has followed the strategy to excel in its largest area of presence
switches and its variants and moving up the value chain by filing for more patents apart
from designs. It has also made efforts to improve its product bouquet in the lighting
segment to improve its OEM presence. Even for Acoustic and Autogas Division(s), it has
followed a similar route.
All these have enabled the Company to register an improved performance in the last
financial year, by consolidating all its business. By virtue of following these strategies
cautiously in a difficult financial year and maintaining a judicious sales mix, Minda
Industries on standalone basis has sales/income from operations of Rs.1,056.29 crore in FY
2012-13 against Rs.1,105.40 crore in the previous year. The profit after tax for 2012-13
stood at Rs.30.31 crore against Rs.33.41 crore in previous year. However, on consolidated
basis, net operating income of Rs.1,340.4 crore in financial year 2012-13, representing a
growth of 13.7% over the net operating income of Rs.1,179.2 crore clocked in previous
financial year. The net profit moved up to Rs.28.30 crore in FY 13, as against Rs.24.24
crore in FY 12, representing a growth of 16.75%, by virtue of a check on operating costs
and interest outflow.
However, due to share of loss of associates, the consolidated EPS was down to Rs.17.71
against Rs.18.01 in the previous year. In the case of Minda Industries Limited, the
Company has proposed a dividend of 30% on its Equity Shares.
Our Company also did not lose its focus on empowerment of society for the social cause
through the series of welfare programmes it has been pursuing for underprivileged section
of society and for providing education to children and empowering them.
We look forward towards the next financial year as challenging year and we will have to
improve further our operational systems and corporate governance.
I would like to thank all our stakeholders, including our vendors, clients, lenders,
bankers, joint venture partners and shareholders, for the confidence shown by them in our
NIRMAL K. MINDA
Chairman and Managing Director