Uno Minda Limited (‘Uno Minda’), formerly Minda Industries Limited has announced its results for the quarter ended June 30th 2022. At a consolidated level, the company registered the highest ever quarterly revenue of ₹ 2,555 Cr in Q1 FY23 as against ₹ 1,603 Cr for the corresponding quarter i.e., Q1 FY22, registering a rise of 59%, while it grew by 6% QoQ compared to ₹ 2,415 Cr in Q4FY22. The company has witnessed growth in almost all its businesses specially the Alloy Wheel division. The company continues to outperform the industry with a growth of 59% against the industry volume growth of 37% YoY basis. It is pertinent to note that Q1 FY22 was impacted by the Delta COVID wave adversely impacting the Industry volumes during that period.
The EBITDA for Q1 FY23 stands at ₹ 266 Cr with a growth of 81% from ₹ 147 Cr in Q1 FY22. Profit before tax for Q1 FY23 was at ₹ 159 Cr as against ₹ 44 Cr in Q1 FY22. PAT (MIL Share) for the quarter is ₹ 139 Cr in Q1 FY23 as against ₹ 15 Cr in Q1 FY22.
The company also informed that they have started commercial operations of 60,000 wheel per month expansion capacity in Bawal, Haryana as well as in the new lighting plant in Ahmedabad Gujarat.
Uno Minda has been in the forefront of capturing electrification trend in the automotive industry and has built one of the most formidable product portfolio for EV specific components. Starting with a low voltage EV product band of 48V to 72V, the company has now progressed to serve band of 48V to 96V i.e. The company has also started serving mini light commercial vehicles. The company also announced incremental orders wins from EV OEMs having annual peak revenues of ₹ 470 Cr. With these orders, the total peak annual value for orders received by the company from EV OEMs till date stands at ₹ 980 Cr with almost 52% orders for EV specific products.
Mr. Nirmal K Minda, CMD, Uno Minda said, “Having seen some challenging times for the last couple of years, the auto industry is now poised to grow with the gradual ease in supply side constraints, an array of new launches across the OEMs & product segments, higher acceptance and penetration of EVs in the market. At Uno Minda, we are well placed to ride this new wave of growth with our diversified and technological advance product portfolio.”
Mr. Sunil Bohra, CFO, Uno Minda said, “Uno Minda has delivered consistent growth over the years. We have continued our outperformance in Q1 FY23 as well. The company has strengthened its existing businesses with increased kit value, increasing SOB with customer at the same time has successfully ventured into new technology products. With the EV industry gaining momentum and our readiness to serve the best-in-class products, we are optimistic about capturing a dominant share of the market going forward.”