Uno Minda Reported Highest-Ever Quarterly Revenues
Uno Minda has announced its results for the quarter ended 31 December 2022. At a consolidated level, the company registered the highest-ever quarterly revenue of Rs 2,915 crore in Q3 FY23 as against Rs 2,181 crore for the corresponding quarter last year, registering a rise of 34 per cent Y-o-Y. Even on a QoQ basis while industry volumes have declined by 16 per cent, Uno Minda had registered growth, despite softening of some commodity prices impacting revenues.
The EBITDA for Q3 FY23 has been reported as Rs 338 crore visa-versa Rs 235 crore in Q3 FY22, a growth of 44 per cent Y-o-Y. Profit before tax for Q3 FY23 was at per cent 215 crore as against Rs 141 crore in Q3 FY22. PAT (Uno Minda Share) for the quarter is Rs 162 crore in Q3 FY23 as against Rs 101 crore in Q3 FY22.
The Board has also approved and declared an interim dividend of Rs 0.50 per share i.e. 25 per cent of face value reflecting commitment from the company to returning value to shareholders on a consistent basis.
Nirmal K Minda, CMD, Uno Minda Group said, “The automotive industry experienced a healthy revival in FY23, aided by economic activity, increased mobility and improved discretionary spending. Uno Minda is well placed to capitalize on the developments proposed in the recent budget with its focus on localization delivering best-in-class products to both existing and potential customers. Our ability to deliver new and premium products is fuelled with continuous R&D, aiding in increasing our share of business with the OEM’s across variants.”
Sunil Bohra, CFO, Uno Minda Group said, “Our consolidated revenues for Q3FY23 stood at Rs.2,915 Crs, a growth of 34% on Y-o-Y basis backed by diversified product portfolio, increasing content per vehicle and cross selling of our products among customers. On the back of technological upgradation and new launches in pipeline by various OEMs, we are all geared up to capitalize on the long-standing relationship with customers. Application of 4W alloy wheel is increasing gradually to bridge the penetration gap in comparison to developed countries provides ample growth opportunities in coming years. Our proposed additional investment in Minda Kosei will help us to further capitalize on this growing opportunity hence will be value accretive to shareholders.”
The board of the company has approved acquiring remaining stake i.e. 22.64 per cent currently held by joint venture partner Kosei to make Minda Kosei Aluminum a wholly owned subsidiary. The purchase consideration for 22.64 per cent stake for Rs 115.50 crore. Post-acquisition, while joint venture for MKA will be terminated, the company will enter into TLA with Kosei to ensure continuity of technology support. The transaction is targeted to be completed on or before 31 March 2023.
