Uno Minda, a leading component supplier has announced its financial results for the quarter ended September 30, 2022.
The company reported revenue of Rs 2,877 crore for Q2 FY2023, which is 36 percent higher compared to Rs 2,144 crore reported last year. This also marks the highest ever quarterly revenue for the company.
For Q2 FY2023, the EBITDA was Rs 318 crore, up 40 percent compared to Rs 228 crore a year ago. The profit after tax came at Rs 170 crore, up 78 percent YoY, versus Rs 139 crore in the first quarter of FY2023.
In addition, the Uno Minda board has also approved the setting up of a new four-wheeler lighting plant with a total capital expenditure of Rs 400 crore to be spent over a period of the next 5 years in a phased manner.
In Phase 1 the initial outlay will be Rs 230 crore to be spent over a period of the next 2 years and the remaining will be spent as sustaining Capex thereafter based on the envisaged new businesses. The first phase is expected to be commissioned by Q4 FY2024. The company is evaluating various locations to set up the plant and is expected to finalise within a quarter.
Nirmal K Minda, CMD, Uno Minda Group said, “We have been taking measured efforts to increase our share of business with OEMs, consistently increase kit value and offer new and advance technologies to our customers to capture growing opportunities in the automotive components market. Our efforts have been reaping benefits with consistent outperformance and leadership across all our products.“
Sunil Bohra, CFO, Uno Minda Group said, “Through continuous investment in both our manufacturing capacities and R&D activities, we have been making significant in-roads with OEMs, thereby increasing our revenues and profitability. We have also improved our margin profile supported by operating leverage. We remain consistent in our efforts and have delivered solid performance quarter-on-quarter, creating new milestones even in this quarter.”