Uno Minda witnesses 19% net profit jump at Rs 193 crore in Q3 FY24

Auto component major Uno Minda 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.

The company achieved performance growth in all the product segments, encompassing both established lines such as lighting, switches, and alloy wheels as well as emerging areas like EV technology, controllers, and sensors, Uno Minda management said on Wednesday.

Nirmal K. Minda, CMD, Uno Minda Group, said, " By relentlessly focusing on cutting-edge technologies and deeply understanding the ever-evolving landscape of OEMs and customers, we have secured a competitive edge. We see immense potential in localisation, not just to diversify our product portfolio but also to actively contribute to the Atmanirbhar Bharat initiative.”

Commenting on the company's Q3 FY24 performance, Sunil Bohra, CFO, Uno Minda Group, noted, " Our company achieved remarkable financial performance in the last quarter, with a robust 21% year-on-year revenue growth. This success is attributed to our multi-pronged strategy focused on capacity and capability expansion, market share growth, offering smart products and solutions, and the transition to a system provider model."

"Looking ahead, the commencement and ramp-up of multiple new expansions, coupled with positive industry volume guidance and rising consumer demand for advanced features, bolster our confidence in maintaining this strong momentum,” he added. 

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