Uno Minda bags Rs 250 crore order boost from EV makers in Q3 FY24

Uno Minda, a Tier 1 automotive supplier, has secured new orders worth Rs 250 crore annually from electric vehicle (EV) manufacturers, further solidifying its position in the burgeoning sector.

The order book, disclosed in the company's investor presentation, comprises Rs 200 crore for EV-specific components like off-board chargers, motors, and controllers. Uno Minda boasts a comprehensive EV portfolio encompassing battery management systems, chargers, cables, control modules, plugs, telematics, and more.

The company's investor presentation revealed even higher peak annual order expectations. For two-wheeler and three-wheeler EV-specific components, the figure stands at Rs 1,655 crore. Engine-agnostic components in the same segment add another Rs 808 crore, bringing the total to Rs 2,463 crore.

The passenger vehicle and commercial vehicle segments paint a similar picture, with EV-specific components garnering Rs 263 crore in peak annual orders. Engine-agnostic components here contribute Rs 566 crore, pushing the total to Rs 829 crore.

"The EV business is robust and increasing," declared Sunil Bohra, CFO of Uno Minda Group, during a post-results conference call with analysts.

The company reported a consolidated net profit of Rs 193 crore during Q3 FY24, translating into a jump of 19% as compared to Rs 162 crore in Q3 FY23. The operating revenues, on the other hand, jumped revenue by 21% to Rs 3523 crore during Q3 FY24 as against Rs 2915 crore in Q3 FY23.