Uno Minda Limited (Uno Minda), a leading automotive component and solutions company, for the quarter ended June 30, 2023, reported total revenue earnings of Rs 3,093 crore compared to Rs 2,555 crore in Q1 FY23, a growth of 21%. The revenue growth is attributed to progress across product sectors, primarily led by Automotive Lighting and Alloy Wheel segments.
The Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for Q1 FY24 is reported at Rs 330 crore, up from Rs 266 crore in Q1 FY23, signifying a growth of 24%. The EBITDA margins have also expanded by 27 basis points year-over-year, reaching 10.7%, driven by the advantageous effects of operational leverage. However, this increase is partly mitigated by escalating costs.
Profit before tax (PBT) for Q1 FY24 was at Rs 194 crore in comparison to Rs 159 crore in Q1 FY23. Profit after tax (PAT) attributable to Uno Minda Limited (UML Share) for the current fiscal year is noted as Rs 173 crore for Q1 FY24, showcasing an increase of 24% from INR 139 crore in Q1 FY23, the company said.
Mr. Nirmal K Minda, CMD, Uno Minda Group said, “In a constantly evolving automotive industry, our company in Q1FY24 has showcased remarkable growth and resilience, withstanding market challenges and emerging as a frontrunner in the automotive sector. Our dedicated teams have tirelessly pursued innovation and excellence, enabling us to introduce ground-breaking technological advancements that set new benchmarks within the industry. This relentless pursuit of excellence has not only propelled an increase in revenue and profitability but also cemented our commitment towards customer satisfaction.”
Sunil Bohra, Group CFO & CEO, Safety and Comfort Systems, Uno Minda Group said, “The company has delivered another quarter of stellar performance with growth witnessed across product segment. Automotive Lighting and Alloy wheel segment has emerged as most exciting segment significantly contributing to our growth in recent quarters. The customer continues to bestow their faith with key large orders in lighting, wireless chargers, EV specific products etc. With promising industry outlook along with our world class and diversified product portfolio, we will continue outperform the industry in medium to long terms.”
