The company's revenue from operations also rose by 31% at Rs 3,794 crore in Q4 FY24 as compared to Rs 2,889 crore in Q4 FY23, as per an official release.
23 May 2024 | 2573 Views | By Autocar Professional Bureau
Auto component major Uno Minda reported a significant surge of 47% year-on-year (YoY) in its consolidated profit at Rs 269 crore in the fourth quarter of FY24. The company had posted a consolidated profit of Rs 183 crore in the same period year ago.
The company's revenue from operations ...
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Auto component major Uno Minda reported a significant surge of 47% year-on-year (YoY) in its consolidated profit at Rs 269 crore in the fourth quarter of FY24. The company had posted a consolidated profit of Rs 183 crore in the same period year ago.
The company's revenue from operations also rose by 31% at Rs 3,794 crore in Q4 FY24 as compared to Rs 2,889 crore in Q4 FY23, as per an official release.
"Auto industry continues to register robust growth with a preference for better features for safety, comfort, and cleaner mobility. Along with passenger vehicle, two-wheeler segment also joined the growth trajectory in current quarter. Uno Minda with its diversified product portfolio across the vehicle segment and strong focus on ·emerging automotive technology leads the industry with strong operating and financial performance," said Nirmal K Minda, CMD, Uno Minda Group.
The company's EBITDA for Q4 FY24 stood at Rs 474 crore as against Rs 319 crore in Q4 FY23, up 48%. According to Sunil Bohra, CFO, Uno Minda Group, "This industry-leading performance echoes the resounding success of our strategic initiatives. With meticulous capacity expansion, strategic market share acquisition, and pioneering technological advancements, we've seamlessly transitioned into a comprehensive system provider. Buoyed by upcoming expansions, positive industry trends, and escalating consumer demand for cutting-edge features, we brim with optimism for continued, sustainable growth."
For the current financial year, the company has lined up a capital expenditure of Rs 300 crore for the expansion of the two-wheeler alloy wheel plant at Supa capacity by 2 million wheels per year. The enhanced capacity is expected to be commissioned by the first quarter of FY26. Post expansion, the capacity of two-wheeler alloy wheels will be enhanced to 7.5 to 8 million wheels per year, the company said