Auto components manufacturer Minda Industries today reported over two-fold rise in consolidated net profit at Rs 42.55 crore for the fourth quarter ended March 31, 2015-16.

The company had posted net profit of Rs 15.11 crore for the January-March period of 2014-15.

Net sales of the company rose to Rs 709.51 crore for the fourth quarter of last fiscal, as compared to Rs 538.76 crore in the year-ago period, Minda Industries said in a BSE filing.

For the entire 2015-16 fiscal, the company posted a net profit of Rs 111.13 crore as compared to Rs 67.96 crore in the previous fiscal.

Net sales rose to Rs 2,506.15 crore for the fiscal, as against Rs 2,205.77 crore in 2014-15.
“This growth has been on account of strong performance of the standalone entity and backed by improved performance of its subsidiaries including turnaround of certain loss making subsidiaries. Group consolidation has also been an enabler in achieving these number,” the company said.

The company’s board, which met today, approved a final dividend of Rs 4 per share (40 per cent) on face value of Rs 10 per share.

Minda Industries stock closed 3.6 per cent up at Rs 1,151.25 on BSE.