Uno Minda, a prominent automotive sector supplier, has successfully acquired 86 acres of land near Pune in Khed. Simultaneously, discussions are in progress for the acquisition of three more land parcels of similar size in different regions of India, as outlined in the company’s investor presentation.
This development closely follows Uno Minda’s recent establishment of two new electric vehicle plants. The first plant, established in Q1 FY24 through a joint venture with FRIWO, is currently operational. Although supplies have commenced, further ramp-up is expected in the upcoming quarters. Similarly, the second EV systems plant, formed in collaboration with Buehler and commissioned in August, is anticipated to commence supplies by Q4 FY24.
Furthermore, Uno Minda has reported a net profit of Rs 225 crore, marking a significant 32% year-on-year increase when compared to the Rs 170 crore reported in Q2 FY23. Likewise, the company’s consolidated revenues have surged by 26% year over year, reaching Rs 3,621 crore for Q2 FY24, compared to the Rs 2,877 crore recorded in the previous year.
Uno Minda’s management has disclosed that the company has received initial orders for capacitive touch-based switches from an Indian four-wheeler OEM (Original Equipment Manufacturer). The expansion of the company’s 4W switch plants in Chennai was completed in October. During Q2 FY24, the company generated revenues of Rs 933 crore from the switch segment.
In the lighting segment, Uno Minda secured an order for ambient lighting in Q2 FY24 from an Indian OEM for its EV model. The company has also completed the expansion of its lighting facilities in MIVCL. Additionally, the greenfield 4W lighting plant project in Khed City, Pune, is progressing as planned. The company recorded revenues of Rs 834 crore from the lighting segment in Q2 FY24.
In the casting segment, Uno Minda highlights its record-breaking production of 2W alloy wheels and 4W alloy wheels. The company has commissioned two lines, adding 1.4 million metric tonnes of capacity to the 2.0 million planned at the 2W alloy wheel plant in Supa.
Moreover, Uno Minda previously announced a new greenfield plant with a phased capacity of 120,000 flow-forming GDC alloy wheels per month. The casting segment contributed Rs 753 crore in revenues during Q2 FY24.
