Tier 1 supplier Uno Minda has announced its financial results for Q2 and H1 FY2024 quarter.
At a consolidated level, the company says it registered the highest-ever quarterly revenue of Rs 3,621 crore as against Rs 2,877 crore a year ago, registering 26 percent growth.
The EBITDA came at Rs 402 crore, up 26 percent, net profit of Rs 225 crore as against Rs 173 crore a year ago.
For H1, the revenue came at Rs 6,714 crore, up 24 percent YoY; EBIDTA grew by 25% Rs 732 crore, profit after tax came at Rs 398 crore compared to Rs 309 crore last year.
The company attributes the performance to its growth amongst all product segment led by alloy wheel, automotive lighting and automotive switches.
During the quarter, Uno Minda also announced plan to set up a new greenfield plant with capacity of 120,000 flow forming GDC alloy wheels per month in phased manner. The plant will be set up in three phases comprising of first phase of 60,000 wheel and 30,000 wheels in second and third phase each. The total cost of the project will be Rs 542 crore to be incurred over next 5 years basis the phased expansion. The location is expected to be finalised in next 3-4 months.
The company has experienced strong demand for 4W alloy wheels from its original equipment manufacturer (OEM) customers, with its existing capacity fully utilised. 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 for the company.
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.”
Sunil Bohra, CFO, Uno Minda Group said, “Uno Minda 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 domestic and 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..”
