Tier 1 supplier Uno Minda has announced its results for Q1 FY2024, with revenue of Rs 3,093 crore as against Rs 2,555 crore for the same period last year, registering 21 percent growth.
The EBITDA came at Rs 330 crore as against Rs 266 crore for the same period last year. Net profit was Rs 173 crore, up 24 percent from Rs 139 crore last year.
The company says it witnessed growth across products segment led by automotive lighting and alloy wheel business. It was able to outperform the industry with a growth of 21 percent against the industry volume growth of 2 percent YoY basis.
Nirmal K Minda, CMD, Uno Minda Group said, “In a constantly evolving automotive industry, our company in Q1FY24 has showcased remarkable growth and resilience, withstanding market challenges and emerging as a frontrunner in the automotive sector. This relentless pursuit of excellence has not only propelled an increase in revenue and profitability but also cemented our commitment towards customer satisfaction.”
Sunil Bohra, Group CFO & CEO, Safety and Comfort Systems, Uno Minda Group said, “Automotive lighting and alloy wheel segment has emerged as most exciting segment significantly contributing to our growth in recent quarters. The customer continues to bestow their faith with key large orders in lighting, wireless chargers, EV specific products etc. With promising industry outlook along with our world class and diversified product portfolio, we will continue outperform the industry in medium to long terms.”
