The company has announced its plans to set up a new car lighting plant with a total capital expenditure of Rs 400 crore.
Tier-I auto component supplier Uno Minda has reported a 61 percent jump in its consolidated profit after tax (PAT) at Rs 182 crore in the second quarter of FY23. This is the highest ever for the company. The company had posted Rs 113 crore PAT in the same quarter a year ago.
During the period under review, the company also reported its highest ever revenue at Rs 2,877 crore as against Rs 2,114 crore for corresponding quarter last year, registering a rise of 36 percent Y-o-Y, while it grew by 13 percent Q-o-Q compared to Rs 2,555 in Q1 FY23. The EBITDA for Q2FY23 has been reported as Rs 318 crore as compared to Rs 228 crore in Q2FY22, growth of 40 percent Y-o-Y.
The company has announced its plans to set up a new car lighting plant with a total capital expenditure of Rs 400 crore to be spent over a period of the next five years in a phased manner.
The initial outlay in Phase I for setting up the plant will be about Rs 230 crore to be spent over a period of next two years and the remaining will be spent as sustaining capex thereafter on new businesses. Phase I is intended to be commissioned by Q4FY24, the company said. Currently, the auto component maker is evaluating various locations to set up the plant and is expected to finalise within a quarter.
“We have been taking measured efforts to increase our share of business with OEMs, consistently increase kit value and offer new and advanced technologies to our customers to capture growing support automotive components market. Our efforts have been reaping benefits across all our products,” Nirmal K Minda, Chairman and Managing Director, Uno Minda Group said.
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