Uno Minda Q3 profit rises 47% to Rs 174 crore

Total expenses were higher at Rs 2,704.62 crore as against Rs 2,052.92 crore in the corresponding period last fiscal, Uno Minda said.

Auto components maker eR on Wednesday reported 47.21 per cent rise in consolidated net profit at Rs 173.95 crore for the third quarter ended December 31, 2022.

The company had logged a net profit of Rs 118.16 crore in the same quarter last fiscal year, Uno Minda said in a regulatory filing.

Revenue from operations during the quarter under review stood at Rs 2,915.49 crore as against Rs 2,181.38 crore in the year-ago period, it added.

Total expenses were higher at Rs 2,704.62 crore as against Rs 2,052.92 crore in the corresponding period last fiscal, the company said.

"The automotive industry experienced a healthy revival in FY23, aided by economic activity, increased mobility and improved discretionary spending," Uno Minda Group CMD Nirmal K Minda said.

Uno Minda Group CFO Sunil Bohra said the company's consolidated revenue grew 34 per cent in the third quarter on the back of diversified product portfolio, increasing content per vehicle and cross selling of products among customers.

The company's board has approved and declared an interim dividend of 0.50 paise per share. Besides, the board has in principle approved acquiring the remaining 22.64 per cent stake in joint venture Minda Kosei Aluminum, currently held by partner Kosei and making it a wholly-owned subsidiary.

"The purchase consideration is for 22.64 per cent stake for Rs 115.5 crore," the company said, adding it would enter into a technology licensing agreement with Kosei to ensure continuity of technology support.

On the outlook, Minda said,"Uno Minda is well placed to capitalise on the developments proposed in the recent Budget with its focus on localisation delivering best-in-class products to both existing and potential customers. Our ability to deliver new and premium products is fuelled with continuous R&D, aiding in increasing our share of business with the OEMs across variants."