UNO Minda Limited — Investor Meet, 16-11-2024: Analysts/Institutional Investor Meet/Con. Call Updates

**Financial Performance:** Uno Minda Limited reported significant financial performance in Q2 FY '25, with consolidated revenues rising by 17% year-on-year to INR 4,245 crore (cr). EBITDA also improved by 20% to INR 482 cr, leading to a slight increase in EBITDA margins to 11.36%. Profit After Tax (PAT) for the quarter reached INR 245 cr, reflecting a year-on-year increase of 9%. A notable highlight was the exceptional income of INR 8 cr due to results from new joint ventures. For H1 FY '25, the company achieved consolidated revenues of INR 8,062 cr, up 20%, with PAT increasing 12% to INR 444 cr.

**Future Outlook and Growth Drivers:** Management expressed optimism regarding long-term growth, focusing on capacity expansion and investment in R&D. The expansion of EV product lines and the commissioning of new lighting facilities—especially a new plant in Indonesia—are expected to bolster future revenue.

**Order Book and Operational Updates:** The company reported consistent demand, particularly in the 2-wheeler segment. New manufacturing capabilities are being developed, including a plant at Farrukhnagar, which will consolidate production and enhance efficiency.

**Analyst Q&A Insights:** Analysts inquired about profitability, revealing that while EV 2-wheeler revenue is growing, profitability remains below average due to ongoing expansions. Capacity utilization in the switches and casting division stands robust, indicating effective operational management. Concerns over the seating business' slower growth were acknowledged, yet confidence in overcoming current challenges was expressed.

**Market or Regulatory Updates:** Demand trends are generally line with expectations, although some softness is anticipated in Q3 due to typical seasonal factors.

**Strategic Focus Areas:** The themes of innovation and market adaptation to EV technologies were underscored, with investments aimed at maintaining competitive edges in emerging market segments.

**Investor Insight:** Overall, Uno Minda Limited demonstrates a strong financial position and strategic growth plan. The outlook appears positive, positioning the company favorably for future opportunities, suggesting a 'buy' stance for investors.