- 08 Feb 2024
- ICICI Securities
UNO MINDA REPORTS STEADY PERFORMANCE IN Q3FY24
UNOMINDA - 954 Change: 42.10 (4.62 %)News: Consolidated revenues for the quarter came in at ₹ 3,523 crore, up 21% YoY. Consolidated EBITDA for Q3FY24 stood at ₹ 379 crore, with attendant margins at 10.8%, down 30 bps QoQ. Reported consolidated PAT for the quarter stood at ₹ 193 crore, up 19% YoY however down 14% QoQ.
Views: Company continued to outperform its user segments with persistent focus on content increase and tangible work being done on the EV components front. It is also well equipped to capture the premiumisation trend in PV space with presence in alloy wheel, LED lighting, airbags and other such segments. Margin performance however was below our expectations with management indicating closing the year at ~11% mark. With the long-term investment horizon, we expect the company to continue with its outperformance trend and have a positive view on the company.
Impact: Neutral