Uno Minda limited has announced its results for quarter and half year ended 30th September 2023.
At a consolidated level, the company registered the highest ever quarterly performance with revenue of ₹ 3,621 Cr in Q2 FY24 as against ₹ 2,877 Cr for corresponding quarter i.e., Q2 FY23, registering a rise of 26%, while it grew by 17% QoQ compared to ₹ 3,093 in Q1 FY24.
The Company has witnessed growth amongst all its product segment led by alloy wheel, Automotive Lighting and Automotive Switches. The company has continued to demonstrate significant outperformance in current quarter as well compared to Industry volumes.
The EBITDA for Q2 FY24 has been reported as ₹ 402 Crs vis-à-vis ₹ 318 Crs in Q2 FY23, growth of 26%. Profit before tax for Q2 FY24 was at ₹ 258 Crs as against ₹ 208 Crs in Q2 FY23 and ₹ 194 Crores in Q1 FY24. PAT (MIL Share) for the quarter is ₹ 225 Crs in Q2 FY24 as against ₹ 170 Crs in Q2 FY23 and ₹ 173 Crores in Q1 FY24.
The Company reported achieved consolidated revenues of ₹ 6,714 Crores for the half year ending at 30th September 2023, registering a growth of 24% on YoY basis. The EBIDTA for the period grew by 25% at ₹ 732 Crores. The profit after tax which is Uno Minda’s share for H1 FY24 was at ₹ 398 Crores as against ₹ 309 Crores in H1 FY23 reporting growth of 29%.
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. Indian Automotive Industry is on cusp of tremendous growth in coming years moving towards its true potential. We are confident of seizing this opportunity and leading the automotive industry not only in our tradition products segment but also emerging technologies thereby creating significant value addition for all our stakeholders. “
Sunil Bohra, CFO, Uno Minda Group said, “Uno Minda Limited 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.”
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