Uno Minda reported a 47 percent spike in its net profit in Q3FY23

Auto components maker Uno Minda reported 47.21 per cent rise in consolidated net profit at INR 173.95 crore for the third quarter ended December 31, 2022. The company had logged a net profit of INR 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 INR 2,915.49 crore as against INR 2,181.38 crore in the year-ago period, it added.

Total expenses were higher at INR 2,704.62 crore as against INR 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.