Minda Corporation Limited shares hit a day high of Rs 713.95 on 3 November after the firm posted record Q2 revenue and a 69% jump in profit.

Minda Corp, which sells under the Spark Minda brand, posted consolidated revenue of Rs 2,189 crore for the July to September quarter, up 43% from a year ago and the highest it has ever recorded in a single quarter.

Profit after tax stood at Rs 143 crore, against Rs 84.6 crore a year earlier.

Vehicle production across India rose around 18% in the same quarter, according to industry data cited in the company’s presentation.

Minda grew more than twice as fast. Electric vehicles helped. Revenue from EV products rose 113% and now makes up 15% of group sales.

EV-linked orders also form 35% of the company’s total order book. Fresh orders add to the pipeline.

Minda Corp has won contracts to supply vehicle display screens worth more than Rs 1,000 crore over their lifetime.

A leading three-wheeler maker has also placed a charger order valued above Rs 400 crore.

Its wholly owned arm, Minda Instruments Limited, also got government approval to make display parts in India instead of importing them.

The momentum follows a strong April to June quarter, when revenue reached Rs 1,846 crore, up 33.2% year on year.

Over the first six months, revenue stood at Rs 4,036 crore, up 38%. The presentation also shows CRISIL and India Ratings and Research upgrading its credit rating from AA- to AA.

In August, the company announced a 50:50 joint venture with HCMF to make sunroof and closure systems for passenger vehicles in India.

At close, Minda Corp shares ended at Rs 684.60 on the NSE, up by Rs 25.70 or 3.9%.

Over the past year, the stock has gained about 11.9%. That values the company at about Rs 16,367 crore.

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