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Uno Minda eyes double-digit growth in electric vehicles business in 2023

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Uno Minda eyes double-digit growth in electric vehicles business in 2023

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Uno Minda, formerly known as Minda Industries Ltd, has been expanding its presence in the electric vehicle (EV) space and expects double-digit growth from this space in the next year.

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Uno Minda, formerly known as Minda Industries Ltd, has been expanding its presence in the electric vehicle (EV) space and expects double-digit growth from this space in the next year, chief financial officer Sunil Bohra said on Tuesday.
The electric vehicle market has started seeing traction, Bohra said, adding, “The number has been growing but at a very low base. EV volume as a percentage of two-wheeler is just two to three percent. It’s a long journey, but we do expect that this long journey will be covered in a very short time. So, we expect the numbers to be very significant in the next 3-5 years.”
Uno Minda’s CFO, however, said, growth prospects seem for the October to December quarter but the following January to March quarter shall see improvement.
“Q3 normally tends to be softer than Q2 because of the festive season in the quarter, which was early this year. So the inventory build-up, etc. happened in September as the festive season started with the first week of October…Overall H2 (second half), in terms of profitability, is expected to be better than the first half of the year,” he explained.
Bohra’s remark comes after the global supplier of proprietary automotive parts reported its financial results for the July to September quarter during which its revenue jumped 36 percent and margin expanded to over 11 percent.
Talking about Uno Minda’s joint venture with Tachi-S, the CFO said it would help the company enter the four-wheeler seating segment. “In terms of seating, we are currently doing seating primarily for two-wheelers, off-roads, and commercial vehicles. We were not present in four-wheelers in a big way,” he said.
Tachi-S is a global company with multiple manufacturing plants across the globe with more than USD 2 billion of revenue headquartered in Japan.
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