The revenue growth was driven by all product segments especially led by lighting, alloy wheels, switches, sensors and controllers. The company continues to outperform the industry volume growth of 15%.
Profit before tax for Q1 FY25 was at Rs 277.47 crore, up 23.85% as against Rs 224.03 crore in Q1 FY24.
EBITDA jumped 24% year on year to Rs 408 crore in the quarter ended 30 June 2024. EBITDA margin remained constant at 10.7% in Q1 FY25 as compared to Q1 FY24 .
The company had recently entered into technical license agreement with AISIN, a Fortune Global 500 company to manufacture Sunroof in India. The company has secured order for sunroof from one of the OEM. To support the orders received, the board has now approved capex of 63 crore for setting up greenfield Sunroof manufacturing facility at Bawal. The plant is expected to start the commercial production by Q4FY27.
Nirmal K Minda, CMD, Uno Minda Group said, “Our journey towards becoming a global automotive technology leader continues to gain momentum as we deliver yet another quarter of robust performance, reinforced by our commitment towards innovation and customer satisfaction. Our focus on strengthening and enriching our product portfolio around PACE megatrends aligns with the Atmanirbhar Bharat initiative, propelling us to a leadership position in the automotive sector.”
Sunil Bohra, CFO, Uno Minda Group says, “Our company has reported its highest-ever quarterly revenue, driven by robust growth across its product lines. Our company's strategic focus on incorporating emerging technologies and solutions into its portfolio has been instrumental in driving this exceptional performance.”
Meanwhile, the board has approved to incorporate a new wholly owned step-down Subsidiary in Czech Republic, Europe, as a subsidiary of CREAT GmbH, which is a wholly owned step-down subsidiary of the company situated at Europe. A wholly owned step-down subsidiary will be incorporated with such name as may be approved by the relevant authorities with a Capital of EUR 5000.
Further, the board has also approved to acquire further stake in Minda Onkyo India (MOIPL), a 50:50 joint venture company of Uno Minda and Onkyo Sound Corporation, Japan, by acquisition of 49% stake equity shares of MOIPL from Onkyo Sound Corporation, Japan. The cost of the acquisition is Rs 0.65 per share and it is expected to be completed within Q4 FY25.
Uno Minda (formerly Minda Industries) is one of the leading manufacturers of automotive switching systems, automotive lighting systems, automotive acoustics systems, automotive seating systems and alloy wheels.