Uno Minda hits 52-week high on commissioning two new EV components manufacturing plants

Shares of automobile component manufacturer Uno Minda surged 7% on Wednesday to hit a 52-week high of ₹624.55 apiece on the BSE after the company commissioned two new electric vehicle systems manufacturing plants in Haryana.

The share price of the company opened higher at ₹584 on Wednesday, up 0.17% as against the closing price of the previous session at ₹583.7. The scrip closed at ₹614.10 on Wednesday. At present, the share price of Uno Minda is trading 44.2% higher than the 52-week low of ₹433, which the company touched on March 24 this year. During the session, the company’s market capitalisation stood at ₹35,191.81 crore with 86,698 shares exchanging hands on the BSE as against the two-week average of 0.15 lakh shares.

The company has commissioned one plant in Farukhnagar, Haryana, under a joint venture with FRIWO AG Germany. According to the company, the new plant would manufacture on-board chargers, off-board chargers, motor control units, DCDC converters, and battery management systems, amongst others. Supplies from this plant have already started and are expected to further ramp up in coming quarters with the start of production (SOP) of more orders received.

Uno Minda has also commissioned a second EV systems manufacturing plant under its subsidiary Uno Minda Buehler Motor Private Limited (UMBM) in Bawal, Haryana. The plant will manufacture traction motors/BLDC (brushless direct current) motors for electric two-wheelers and three-wheelers wheelers. The subsidiary has already received orders from OEMs and is expected to start supplies by Q3 FY24, says Uno Minda.

"The company has also received new orders with an annualised peak value of more than ₹600 crores for EV systems during the Q1 FY24. The aggregate order book now stands at more than ₹2500 crore annualised peak value from EV OEMs comprising of both existing and EV-specific products. The company is targeting to achieve ₹1500 crore in revenue from EV systems by FY26," says the company.

Uno Minda manufactures and supplies over 20 categories of automotive components and systems to leading Indian and international OEMs (original equipment manufacturers) based in India, Asia, South and North America and Europe. The company has more than 30 research and development engineering centres in India, Germany and Spain.

In the April to June quarter of FY24, the company’s consolidated revenue surged by 21% year-on-year to ₹3,093 crore as against ₹2,555 crore in the same period last year. The company’s EBITDA (earnings before interest, tax, depreciation and amortisation) increased by 24% year-on-year (YoY) to ₹330 crore during the quarter under review as against ₹266 crore in the same period last year. The company's EBITDA margin expanded by 27 basis points (bps) to 10.7% in the June quarter.