Uno Minda Limited (Uno Minda) has achieved its highest-ever quarterly performance at the consolidated level, with revenues reaching INR 3,621 Crore in Q2 FY24, reflecting a 26% growth compared to INR 2,877 crore in Q2 FY23.
Sequentially, the revenue increased by 17% from INR 3,093 crore in Q1 FY24. This growth extended across all product segments, particularly in alloy wheels, automotive lighting, and automotive switches.
The company has experienced strong demand for 4W alloy wheels from its original equipment manufacturer (OEM) customers, with the existing capacity fully utilised. The growing market penetration of alloy wheels presents a substantial growth opportunity for the company, with the potential for 2.5 to three fold growth over the next six to seven years.
The EBITDA for Q2 FY24 stood at INR 402 crore, representing a 26% growth from INR 318 crore in Q2 FY23. The Profit Before Tax for Q2 FY24 reached INR 258 crore, compared to INR 208 crore in Q2 FY23 and INR 194 Crore in Q1 FY24.
The Profit After Tax (MIL Share) for the quarter was INR 225 Crore in Q2 FY24, as opposed to INR 170 Crore in Q2 FY23 and INR 173 Crore in Q1 FY24.
For the half-year ending on September 30, 2023, Uno Minda reported consolidated revenues of INR 6,714 crore, marking a YoY growth of 24%. The EBITDA for the period increased by 25% to INR 732 crore, and the Profit After Tax, which is Uno Minda's share for H1 FY24, reached INR 398 crore, compared to INR 309 crore in H1 FY23, reflecting a growth of 29%.
In addition to these financial results, Uno Minda has unveiled plans to establish a new greenfield plant with a capacity of 120,000 flow-forming GDC alloy wheels per month, to be executed in three phases.
The total project cost is estimated at INR 542 crore, to be incurred over the next five years as part of the phased expansion. The location for the plant is expected to be finalized within the next three to four months.
Nirmal K Minda, CMD, Uno Minda Group said that the Indian automotive industry is experiencing a transformational shift towards premium vehicles, cleaner fuel and electrification as it navigates a rapidly changing global market.
The industry is on cusp of tremendous growth in coming years moving towards its true potential, he added.
Sunil Bohra, CFO, Uno Minda Group, stated “We have been consistently bolstering our technological capabilities and production capacities to align with the ever-changing demands of our customers.”