Rs 2,500 crore order book: This multibagger auto component manufacturer commissions new plant for EV systems; eyes Rs 1,500 crore sales!

Shares of the company gained more than 20 per cent in the last six months.

UNO Minda Limited informed in the exchange filing that the company has commissioned a new EV systems plant in Farukhnagar, Haryana under the joint venture with FRIWO AG Germany. The new plant would manufacture On-Board Chargers, Off-board chargers, Motor Control Units, DCDC converters, Battery Management Systems, and many more products catering to EV two-wheeler and three-wheeler.

The company has also received new orders with an annualized peak value of more than Rs 600 crores for EV systems during Q1FY24. The aggregate order book of the company now stands at more than Rs 2,500 crore. The company is targeting to achieve Rs 1,500 crores in revenue from EV systems by FY26.

The company posted strong Quarterly Results in Q1FY24. The revenue of the company stood at Rs 3,092.66 crore which grew by 21.03 per cent YoY. The operating profit of the company stood at Rs 337.87 crore, while the PAT of the company stood at Rs 149.82 crore, which increased by 16.91 per cent YoY.

Uno Minda Limited is the flagship company of the Uno Minda Group, is one of the most diversified auto component manufacturers in India with a presence across multiple products segments, including automotive switches, lighting, acoustics, alloy wheel, die-casting, seatings, and others.

The shares of the company have delivered multibagger returns of over 260 per cent in the last three years. And in the last six months, the stock has gained about 22 per cent.

Investors should keep a close eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.