Uno Minda (532539) Q1 24/25 earnings summary

Executive summary

• Consolidated revenues for Q1 FY25 rose 23% year-on-year to INR 3,818 crores, with EBITDA up 24% to INR 408 crores and PAT up 15% to INR 199 crores, driven by broad-based product performance and strong operational momentum.

• Group revenues, including JVs and associates, increased 24% year-on-year to ₹4,600 crore.

• Net profit after tax for the quarter was ₹210.80 crore, a 17% increase from the previous year.

• Strategic expansion into EV, sunroof, and ADAS segments through new technical license agreements and product launches.

• Acquisition of a 26% stake in Minda Westport Technologies Limited completed, making it a subsidiary.

Financial highlights

• Consolidated operating revenues rose 23% year-on-year to INR 3,818 crores in Q1 FY25.

• EBITDA increased 24% year-on-year to INR 408 crores; EBITDA margin stable at 10.7%–11% ± 50 bps.

• Attributable profit grew 15% year-on-year to INR 199 crores; net profit after tax was ₹210.80 crore, up 17%.

• Finance costs increased to INR 36 crores due to higher borrowings for capex and working capital.

• Earnings per share (diluted) increased 15% year-on-year to ₹3.46.

Outlook and guidance

• Maintains annual margin guidance of 11% ± 50 bps, expecting to be at the upper end.

• Revenue growth target of 1.5x industry volume for medium to long term; short-term outperformance possible.

• Ongoing capacity expansions in alloy wheels, lighting, switches, and EV-specific products, with several new facilities expected to commence operations in FY25 and FY26.

• Sunroof manufacturing plant to be set up with expected SOP in Q4 FY27.

• Ongoing merger of Kosei Minda group companies with Uno Minda is pending NCLT approval.