Uno Minda (532539) Q2 24/25 earnings summary

Executive summary

• Achieved highest-ever quarterly revenues in Q2 FY25, with group revenues up 17% year-on-year to INR 5,112 crores and consolidated revenues at INR 4,245 crores, driven by broad-based growth across product lines and expansion in ASEAN markets.

• EBITDA grew 20% year-on-year to INR 482 crores, with margins improving to 11.36%. PAT increased 9% year-on-year to INR 245 crores, including INR 8 crores exceptional income from JV accounting changes.

• Net profit after tax for Q2 FY25 stood at INR 266.16 crores, up from INR 237.71 crores in Q2 FY24.

• Strong performance in switches, lighting, casting, and other product segments, with capacity expansions and new plant commissions underway.

• Completed key acquisitions, including full control of Minda Westport Technologies and Minda Onkyo India, and a 49% stake in Minda Nabtesco Automotive.

Financial highlights

• Consolidated revenues for H1 FY25 reached INR 8,062 crores, up 20% year-on-year; EBITDA for H1 FY25 at INR 890 crores, up 22%.

• EBITDA for H1 FY25 was INR 913.81 crores, up from INR 746.33 crores in H1 FY24.

• Net debt as of September 30, 2024, stood at INR 1,735 crores, up from INR 1,319 crores in March 2024, mainly due to CapEx and land acquisition.

• ROCE annualized for H1 FY25 at 26.8%; ROE at 31.5%.

• Basic EPS for Q2 FY25 was INR 4.27, versus INR 3.93 in Q2 FY24.

Outlook and guidance

• Remain optimistic on long-term auto industry growth, supported by investments in capacity, R&D, and technology.

• Margin guidance for FY25 maintained at 11% ±0.5% at group level, factoring in ongoing CapEx and new plant ramp-ups.

• CapEx guidance for FY25 at INR 1,300–1,400 crores (excluding land), with similar project CapEx expected next year.

• Management continues to focus on profitability, cash generation, and strategic acquisitions to drive growth.

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