Uno Minda limited (Uno Minda), at a consolidated level, has registered a revenue of INR 3,621 crore in Q2 FY24 as against INR 2,877 crore for Q2 FY23, a rise of 26%, while it grew by 17% QoQ compared to INR 3,093 crore in Q1 FY24.
The company has reported growth among all its product segments led by Alloy wheel, Automotive Lighting and Automotive Switches.
The EBITDA for Q2 FY24 has been reported at INR 402 crore vis-à-vis INR 318 crore in Q2 FY23, a growth of 26%. Profit before tax for Q2 FY24 was at INR 258 crore as against INR 208 crore in Q2 FY23 and INR 194 crore in Q1 FY24. PAT (MIL Share) for the quarter was at INR 225 crore in Q2 FY24 as against INR 170 crore in Q2 FY23 and INR 173 crore in Q1 FY24.
The Company reported consolidated revenues of INR 6,714 crore for the half year ended September 30, 2023, registering a growth of 24% on YoY basis. The EBIDTA for the period grew by 25% at INR 732 crore. The profit after tax which is Uno Minda’s share for H1 FY24 was at INR 398 crore as against INR 309 crore in H1 FY23 reporting growth of 29%.
4W alloy wheel Plant: Uno Minda has announced plans to set up a new greenfield plant with capacity of 120,000 flow forming GDC alloy wheels per month in phases. The plant will be set up in three phases comprising the first phase of 60,000 wheels and the second and third phases 30,000 wheels each. The total cost of the project will be INR 542 crore to be incurred over the next 5 years based on the phased expansion. The location is expected to be finalised in the next 3-4 months.
The company has been having strong demand for 4W alloy wheels from its original equipment manufacturer (OEM) customers, with its existing capacity fully utilized. The penetration of alloy wheels in the market continues to rise, offering the potential for a 2.5 to 3-fold growth over the next 6-7 years, presenting a significant growth opportunity, the company said in a media release.
Nirmal K Minda, CMD, Uno Minda Group, said, “Indian automotive industry is experiencing a transformational shift towards premium vehicles, cleaner fuel and electrification as it navigates a rapidly changing global market. Our continued focus on innovation, customer-centric approach, and strong operational and financial discipline have propelled us to achieve the highest quarterly revenue and profit in yet another quarter.’
“The Indian Automotive Industry is on the cusp of tremendous growth in coming years moving towards its true potential. We are confident of seizing this opportunity and leading the automotive industry not only in our traditional products segment but also emerging technologies thereby creating significant value addition for all our stakeholders,“ he added.
Sunil Bohra, CFO, Uno Minda Group, said, “Uno Minda Limited continues to showcase a robust quarterly performance, achieving a remarkable 26% year-on-year revenue growth despite a stagnant industry volume. Our extensive and inventive product range has firmly established us as the preferred supplier for both the domestic and the international OEMs.”
“We have been consistently bolstering our technological capabilities and production capacities to align with the ever-changing demands of our customers. Our recent greenfield expansion in the 4W alloy wheel segment is another strategic move, positioning us to harness the burgeoning growth opportunities in this market, he added.
