Tier 1 supplier Uno Minda has announced its results for Q3 and 9-month FY2024.
The company reported a strong revenue growth with revenue of Rs 3,523 crore for Q3 FY2024, up 21 percent YoY, as against Rs 2,915 crore last year. The EBITDA came at RS 380 crore, versus Rs 338 crore last year, net profit came at Rs 193 crore, up 19 percent, as against Rs 162 crore last year.
The company said it’s growth was higher than industry volumes, across all product segments, encompassing both established lines such as lighting, switches, and alloy wheels, as well as emerging areas like EV technology, controllers, and sensors.
For 9-months of FY2024, the revenue came at Rs 10,237 crore, up 23 percent on YoY. EBIDTA came at Rs 1,111 crore, up 20 percent YoY, and net profit of Rs 591 crore, up 26 percent, as against Rs 471 crore last year.
Nirmal K Minda, CMD, Uno Minda Group said, “The company has delivered yet another quarter of stellar growth solidifying our commitment to innovation and customer needs. By relentlessly focusing on cutting-edge technologies and deeply understanding the ever-evolving landscape of OEMs and customers, we have secured a competitive edge. We see immense potential in localisation, not just to diversify our product portfolio, but also to actively contribute to the ‘Atmanirbhar Bharat’ initiative.”
Sunil Bohra, CFO, Uno Minda Group said, “Our company achieved remarkable financial performance in the last quarter, with a robust 21% year-on-year revenue growth. This success is attributed to our multi-pronged strategy focused on capacity and capability expansion, market share growth, offering smart products/solution and the transition to a system provider model. Looking ahead, the commencement and ramp-up of multiple new expansions, coupled with positive industry volume guidance and rising consumer demand for advanced features, bolster our confidence in maintaining this strong momentum”
