Uno Minda (532539) Q1 24/25 earnings summary

Executive summary

• Consolidated revenue for Q1 FY25 rose 23% year-on-year to INR 3,818 crores, with group revenues (including JVs and associates) up 24% to INR 4,600 crores, driven by broad-based product line expansion and strong operational momentum in 2W and PV segments.

• EBITDA increased 24% year-on-year to INR 408 crores, with PAT up 15% to INR 199 crores and net profit after tax at INR 210.80 crores, reflecting robust profitability.

• Strategic partnerships and technical license agreements with Aisin, Suzhou Inovance, and Star Charge are expanding the EV and sunroof portfolios, targeting 30% domestic market share in new segments.

• Completed acquisition of a 26% stake in Minda Westport Technologies Limited, making it a subsidiary, and increased stake in Minda Onkyo to 99%.

• Issued INR 100 crores in non-convertible debentures at 7.85% interest, redeemable in 3 years.

Financial highlights

• Consolidated operating revenue up 23% year-on-year to INR 3,818 crores in Q1 FY25; group revenues including JVs at INR 4,600 crores.

• EBITDA for the quarter was INR 408 crores, with margin stable at 10.7%–11% ± 50 bps.

• PAT margin at 4.56%, net profit after tax at INR 210.80 crores, and earnings per share (diluted) at INR 3.46.

• Finance costs increased to INR 36 crores due to higher borrowings for capex and land acquisition.

• Net debt at INR 1,800 crores; net debt-to-equity at 0.23–0.32, gross debt-to-equity at 0.36.

Outlook and guidance

• Margin guidance for FY25 maintained at 11% ± 50 bps, with expectations toward the upper end.

• Capex guidance for FY25 at INR 1,300–1,400 crores, with major investments in new plants for alloy wheels, lighting, switches, EV motors, airbags, seat belts, and sunroofs.

• Sunroof manufacturing plant expected to commence operations in Q4 FY27.

• Targeting 1.5x industry volume growth in revenue over the medium to long term; EV revenues expected to surpass INR 1,000 crores in the next 12 months and INR 3,000 crores in the medium term.

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