Uno Minda Q1 PAT up 24% at Rs 173 crore

Leading automotive component and solution provider Uno Minda reported 24% growth in its consolidated profit after tax (PAT) at Rs 173 crore in the first quarter ended June 2023 on the back of growth across product segments led by automotive lighting and alloy wheels. The company posted Rs 139 crore in PAT in the corresponding quarter a year ago.

According to Nirmal K Minda, CMD, Uno Minda Group, the company showcased remarkable growth and resilience in the first quarter of the ongoing fiscal year, 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 to customer satisfaction," Minda added.

At a consolidated level, the company reported revenue of Rs 3,093 crore in the last quarter as against Rs 2,555 crore in Q1 FY23, registering a rise of 21%. As per Uno Minda, the company continues to outperform the industry with the growth of 21% against the industry volume growth rate of 2% YoY basis.

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 segments. The 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."

He opined that the industry outlook looks promising along with the company's world-class and diversified product portfolio. The company will continue to outperform the industry in the medium to long term, Bohra added.

During the quarter under review, the company's EBITDA stood at Rs 330 crore in Q1 FY24, as compared to Rs 266 crore in the same quarter a year ago. EBIDTA margins in Q1FY24 also expanded by 27 bps YoY to 10.7% per annum, driven by the benefits of operating leverage, part of which gets offset by cost escalations.