Uno Minda zips to 52-week high on commissioning of 2 EV plants

The plants at Farukhnagar and Bawal in Haryana will make a variety of components for electric two and three- wheelers, the company has said

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Uno Minda hit a 52-week high of Rs 624.90 on August 16 after the company announced commissioning two plants for manufacturing electronic vehicle (EV) components and systems.

The plants at Farukhnagar and Bawal in Haryana will make a variety of components for electric two and three- wheelers, said the multinational automotive company that manufactures and designs switches, lighting, seating, castings and acoustics among other things.

The company told exchanges that the Farukhnagar plant has been set up in a joint venture with FRIWO AG of Germany to manufacture components like on-board charger, off-board charger, motor control unit, DCDC converter and battery management system.

The plant at Bawal, which has come up under subsidiary Uno Minda Buehler Motor, will make traction motors for electric 2 and 3-wheelers.

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In the June quarter, the company also received new orders with annualised peak value of more than Rs 600 crore.

Uno Minda reported a 21.05 percent year-on-year (YoY) increase in revenue at Rs 3,093 crore in the June quarter. Profit after tax was up 20 percent YoY at Rs 180 crore.

Earnings before interest, taxes, depreciation and ammortisation (EBITDA) grew 24 percent YoY to Rs 330 crore. The EBITDA margin expanded by 27 basis points to 10.7 percent.

One basis point is one-hundredth of a percentage point.

At 2.15 pm, Uno Minda stock was quoting at Rs 618.50 on the National Stock Exchange, up 5.89 percent from the previous close.

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