- 08 Aug 2024
- ICICI Securities
Uno Minda reports steady performance in Q1FY25, announces capex in Sunroof segment
UNOMINDA - 1036 Change: -34.90 (-3.26 %)News: On the consolidated basis, at Uno Minda, Topline for the quarter came in at ₹ 3,814 crore, up by 23% YoY. EBITDA in Q1FY25 came in at ₹ 408 crore (up 24% YoY) with corresponding EBTDA margins at 10.7% (flat YoY, down 180 bps QoQ). PAT for the quarter came in at ₹ 199 crore (up 15% YoY). Consequent to its recent announcement of JV in the Sunroof segment, it has announced a capex in this domain to the tune of ~₹ 63 crore for 81k units per annum capacity with likely commissioning in FY27.
Views: Uno Minda’s topline performance largely tracked its trend of outperforming base industry volume growth (2-W space grew 20% YoY, PV grew 6% YoY). The company continues to be aggressive on the capacity expansion plans and is proactively securing land parcels in all major auto hubs to meet the growing demand from OEMs. It anticipates to grow >= 1.5 times the industry growth rate over long term. We expect the company to maintain its outperformance trend due to its persistent focus on increasing content and tangible work being done on the EV components front. We hold a positive view on the stock.
Impact: Positive