Integrated Annual Report 2023-24

Uno Minda Limited

Uno Minda at a Glance

Uno Minda Limited a renowned trailblazer in the automotive sector,
specialises in crafting and delivering automotive solutions tailored for
Original Equipment Manufacturers (OEMs).

32,000+

Workforce

>1,200

Engineers

26

Product Lines

74

Manufacturing Facilities

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  • CMD
  • CFO

Letter from the CMD

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FY 2023-24 was a transformative year for Uno Minda, marked by robust growth, strategic expansion, and significant advancements in innovation and sustainability.

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CFO's Thoughts

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Amidst global economic headwinds, India emerges as a beacon of resilience, sustaining its position as one of the world's fastest-growing major economies. Despite global challenges and tightening monetary policies, the country is charting a path of robust growth and economic vitality.

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Value Creation Model

Our business model is crafted to generate value for all our stakeholders, focussing on achieving excellence throughout the entire value chain. We ensure superior outcomes at each phase, from procuring raw materials to delivering premium finished products to our customers.

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  • Financial Capital
  • Manufacturing Capital
  • Human Capital
  • Intellectual Capital
  • Social & Relationship Capital
  • Natural Capital
OUR INPUTS
  • Capital employed:
    ₹ 6,838 Crores
  • Net debt-to-equity ratio:
    0.25
  • Capex:
    ₹ 1,049 Crores
OUR OUTPUTS
  • Revenue from operations:
    ₹ 14,030 Crores
  • EBITDA margins:
    ₹ 1,585 Crores
  • PAT:
    ₹ 880 Crores
SDGs
Our Value Creation Process
Our Business Activities
  • Automotive Solutions
  • Research & Development
  • Automotive Aftermarket
Our Strategic Priorities
  • Enhancing Climate Change Resilience
  • Empowering Local Communities
  • Developing Future Capabilities
  • Creating a Sustainable Supply Chain
  • Optimising Customer Satisfaction
Principal Value Generators
  • Developing New Products and Features
  • Distribution and Logistics Management
  • Ethical Sourcing
  • Client Partnerships
  • Innovation in Research and Development
OUR INPUTS
  • Manufacturing facilities:
    74
  • Material Cost or Manufacturing Cost:
    ₹ 9,064 Crores
OUR OUTPUTS
  • Product Lines
    26
SDGs
Our Value Creation Process
Our Business Activities
  • Automotive Solutions
  • Research & Development
  • Automotive Aftermarket
Our Strategic Priorities
  • Enhancing Climate Change Resilience
  • Empowering Local Communities
  • Developing Future Capabilities
  • Creating a Sustainable Supply
  • Chain Optimising Customer Satisfaction
Principal Value Generators
  • Developing New Products and Features
  • Distribution and Logistics Management
  • Ethical Sourcing Client Partnerships
  • Innovation in Research and Development
OUR INPUTS
  • Total workforce:
    32,000+
  • Employee expenditure :
    ₹ 1,779 Crores
  • Female workforce
    5,271
  • Training attendees:
    14,889
OUR OUTPUTS
  • Gender ratio:
    4 males:1 female
  • Mandatory Training hours:
    87,623
  • Revenue per employee:
    ₹ 1.25 Crores
SDGs
Our Value Creation Process
Our Business Activities
  • Automotive Solutions
  • Research & Development
  • Automotive Aftermarket
Our Strategic Priorities
  • Enhancing Climate Change Resilience
  • Empowering Local Communities
  • Developing Future Capabilities
  • Creating a Sustainable Supply
  • Chain Optimising Customer Satisfaction
Principal Value Generators
  • Developing New Products and Features
  • Distribution and Logistics Management
  • Ethical Sourcing Client Partnerships
  • Innovation in Research and Development
OUR INPUTS
  • R&D and Engineering centers:
    37
  • R&D expense (as percentage of revenue):
    ~ 4%
OUR OUTPUTS
  • Patents filed
    444
  • Designs registered:
    463
SDGs
Our Value Creation Process
Our Business Activities
  • Automotive Solutions
  • Research & Development
  • Automotive Aftermarket
Our Strategic Priorities
  • Enhancing Climate Change Resilience
  • Empowering Local Communities
  • Developing Future Capabilities
  • Creating a Sustainable Supply
  • Chain Optimising Customer Satisfaction
Principal Value Generators
  • Developing New Products and Features
  • Distribution and Logistics Management
  • Ethical Sourcing Client Partnerships
  • Innovation in Research and Development
OUR INPUTS
  • CSR investments:
    ₹ 13.14 Crores
  • Suppliers:
    1,519
OUR OUTPUTS
  • Beneficiaries:
    24,000+
  • Number of learners reached through educational & vocational programmes:
    3,608
SDGs
Our Value Creation Process
Our Business Activities
  • Automotive Solutions
  • Research & Development
  • Automotive Aftermarket
Our Strategic Priorities
  • Enhancing Climate Change Resilience
  • Empowering Local Communities
  • Developing Future Capabilities
  • Creating a Sustainable Supply
  • Chain Optimising Customer Satisfaction
Principal Value Generators
  • Developing New Products and Features
  • Distribution and Logistics Management
  • Ethical Sourcing Client Partnerships
  • Innovation in Research and Development
OUR INPUTS
  • Energy consumed:
    58,83,193 GJ
  • Renewable energy of total electricity consumption %:
    18%
  • Water withdrawal:
    9,54,817 kL
OUR OUTPUTS
  • Waste recycled:
    7,260 MT
  • Waste produced:
    14,923 MT
  • RE consumed:
    1,84,570 GJ
SDGs
Our Value Creation Process
Our Business Activities
  • Automotive Solutions
  • Research & Development
  • Automotive Aftermarket
Our Strategic Priorities
  • Enhancing Climate Change Resilience
  • Empowering Local Communities
  • Developing Future Capabilities
  • Creating a Sustainable Supply
  • Chain Optimising Customer Satisfaction
Principal Value Generators
  • Developing New Products and Features
  • Distribution and Logistics Management
  • Ethical Sourcing Client Partnerships
  • Innovation in Research and Development
  • Financial Capital
    OUR INPUTS
    • Capital employed:
      ₹ 6,838 Crores
    • Net debt-to-equity ratio:
      0.25
    • Capex:
      ₹ 1,049 Crores
    OUR OUTPUTS
    • Revenue from operations:
      ₹ 14,030 Crores
    • EBITDA margins:
      ₹ 1,585 Crores
    • PAT:
      ₹ 880 Crores
    SDGs
    Our Value Creation Process
    Our Business Activities
    • Automotive Solutions
    • Research & Development
    • Automotive Aftermarket
    Our Strategic Priorities
    • Enhancing Climate Change Resilience
    • Empowering Local Communities
    • Developing Future Capabilities
    • Creating a Sustainable Supply
    • Chain Optimising Customer Satisfaction
    Principal Value Generators
    • Developing New Products and Features
    • Distribution and Logistics Management
    • Ethical Sourcing Client Partnerships
    • Innovation in Research and Development
  • Manufacturing Capital
    OUR INPUTS
    • Manufacturing facilities:
      74
    • Material Cost or Manufacturing Cost:
      ₹ 9,064 Crores
    OUR OUTPUTS
    • Product Lines
      26
    SDGs
    Our Value Creation Process
    Our Business Activities
    • Automotive Solutions
    • Research & Development
    • Automotive Aftermarket
    Our Strategic Priorities
    • Enhancing Climate Change Resilience
    • Empowering Local Communities
    • Developing Future Capabilities
    • Creating a Sustainable Supply
    • Chain Optimising Customer Satisfaction
    Principal Value Generators
    • Developing New Products and Features
    • Distribution and Logistics Management
    • Ethical Sourcing Client Partnerships
    • Innovation in Research and Development
  • Human Capital
    OUR INPUTS
    • Total workforce:
      32,000+
    • Employee expenditure :
      ₹ 1,779 Crores
    • Female workforce
      5,271 \
    • Training attendees:
      14,889
    OUR OUTPUTS
    • Gender ratio:
      4 males:1 female
    • Mandatory Training hours:
      87,623
    • Revenue per employee:
      ₹ 1.25 Crores
    SDGs
    Our Value Creation Process
    Our Business Activities
    • Automotive Solutions
    • Research & Development
    • Automotive Aftermarket
    Our Strategic Priorities
    • Enhancing Climate Change Resilience
    • Empowering Local Communities
    • Developing Future Capabilities
    • Creating a Sustainable Supply
    • Chain Optimising Customer Satisfaction
    Principal Value Generators
    • Developing New Products and Features
    • Distribution and Logistics Management
    • Ethical Sourcing Client Partnerships
    • Innovation in Research and Development
  • Intellectual Capital
    OUR INPUTS
    • R&D and Engineering centers:
      37
    • R&D expense (as percentage of revenue):
      ~ 4%
    OUR OUTPUTS
    • Patents filed
      444
    • Designs registered:
      463
    SDGs
    Our Value Creation Process
    Our Business Activities
    • Automotive Solutions
    • Research & Development
    • Automotive Aftermarket
    Our Strategic Priorities
    • Enhancing Climate Change Resilience
    • Empowering Local Communities
    • Developing Future Capabilities
    • Creating a Sustainable Supply
    • Chain Optimising Customer Satisfaction
    Principal Value Generators
    • Developing New Products and Features
    • Distribution and Logistics Management
    • Ethical Sourcing Client Partnerships
    • Innovation in Research and Development
  • Social & Relationship Capital
    OUR INPUTS
    • CSR investments:
      ₹ 13.14 Crores
    • Suppliers:
      1,519
    OUR OUTPUTS
    • Beneficiaries:
      24,000+
    • Number of learners reached through educational & vocational programmes:
      3,608
    SDGs
    Our Value Creation Process
    Our Business Activities
    • Automotive Solutions
    • Research & Development
    • Automotive Aftermarket
    Our Strategic Priorities
    • Enhancing Climate Change Resilience
    • Empowering Local Communities
    • Developing Future Capabilities
    • Creating a Sustainable Supply
    • Chain Optimising Customer Satisfaction
    Principal Value Generators
    • Developing New Products and Features
    • Distribution and Logistics Management
    • Ethical Sourcing Client Partnerships
    • Innovation in Research and Development
  • Natural Capital
    OUR INPUTS
    • Energy consumed:
      58,83,193 GJ
    • Renewable energy of total electricity consumption %:
      18%
    • Water withdrawal:
      9,54,817 kL
    OUR OUTPUTS
    • Waste recycled:
      7,260 MT
    • Waste produced:
      14,923 MT
    • RE consumed:
      1,84,570 GJ
    SDGs
    Our Value Creation Process
    Our Business Activities
    • Automotive Solutions
    • Research & Development
    • Automotive Aftermarket
    Our Strategic Priorities
    • Enhancing Climate Change Resilience
    • Empowering Local Communities
    • Developing Future Capabilities
    • Creating a Sustainable Supply
    • Chain Optimising Customer Satisfaction
    Principal Value Generators
    • Developing New Products and Features
    • Distribution and Logistics Management
    • Ethical Sourcing Client Partnerships
    • Innovation in Research and Development

Progress Snapshots FY 2023-24

Financial Capital

24.87%

Increase in revenue

27.64%

Increase in EBIT

58%

Increase in earnings after tax

Human Capital

90%+

Training completion

87,632

Hours of mandatory training

100%

Workforce trained on health and safety aspects: FY 2023-24

Intellectual Capital

~ 4%

Of revenue spent on R&D

444

Patent applications

463

Designs filed

Social and Relationship Capital

₹ 13.14 Crores

CSR spends (including aspirational districts)

365

Number of suppliers trained

20,978

Livelihoods positively impacted

Manufacturing Capital

₹ 1,049 Crores

Capex

74

Total manufacturing locations

26

Product Lines

Environment Capital

0.03

Emissions Intensity (‘000 tCO2e/ Revenue in ₹ Crores)

7,51,716 kL

Water consumption

18%

Renewable energy share in total Electricity consumption

Company’s Domains and Products

We provide products and services for a wide range of vehicle segments, including 4-wheelers, 2-wheelers, 3-wheelers, commercial vehicles, and off-road vehicles.

Click to expand
Click to expand

Uno Minda’s Low-Voltage
EV Product Portfolio
(2W and 3W)

What Sets Us Apart

  • Engineering organisation with a dualtier structure

  • Dedicated product engineering teams serving the business

  • Global hubs for technology innovation and future-focussed advancements

  • Global technology collaboration for faster innovation in India

At Uno Minda, technology and innovation are our pillars. With 37 R&D and Engineering centres in India, Germany, Japan, Taiwan, South Korea and Spain, we are committed to spearheading cutting-edge technologies. Our initiatives are strategically oriented towards the PACE megatrends—Personalisation, Autonomous, Electrification, and Connectivity—ensuring a cohesive product and technology trajectory.

At Uno Minda, we derive pride from the distinctive elements that position us as frontrunners in the automotive components sector, distinguishing us from our competitors. Our dedication to excellence, combined with our unique competencies and capabilities, forms the cornerstone of our differentiation strategy. This ensures that we continuously deliver outstanding value to our esteemed clientele.

  • CREAT
  • INITIA

CREAT serves as Uno Minda's centralised R&D flagship technology centre, enhancing its technical prowess with a focus on both emerging and established technologies in lighting, comfort and convenience electronics, electric vehicles, telematics, and controllers, with its core emphasis on PACE (Personalisation, Autonomous, Connected, and Electric).

400+

Design experts

5

Locations

75+

R&D projects

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Initia serves as Uno Minda's primary mobility design studio, prioritising user-centric and viable design solutions. Collaborating with automotive firms, it facilitates the conception, joint creation, and communication of their forward-looking mobility concepts to a global audience.

25+

Design experts

100+

Total design projects

200+

Collective years of experience

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  • Planet

  • People

  • Products

  • Process

  • Profit

Highlights

18%

share of renewable electricity in total electricity

49%

of waste recycled during the year

9,54,817 kL

of water withdrawal
during FY 2023-24

Things to discover in this section

01

Energy & Emissions

02

Water

03

Waste

Read More

Highlights

11%

Women's representation on Board

17.75%

Women's representation in the workforce

100%

Workforce trained on health and safety aspects during the FY 2023-24

1,06,651 hours

of health and safety training provided to the workforce

Things to discover in this section

01

Our commitment towards Diversity, Equity & Inclusion (use this across)

02

Health and safety of the workforce

03

Workforce training, development, and retention initiatives

Read More

Highlights

6

Key export regions served

37

R&D and Engineering Centres

25%

Increase in revenue in FY 2023-24

68

Plants Pan-India

26

Product lines across 4 Domains

Things to discover in this section

01

Product Overview

02

Aftermarket Business

03

EV Roadmap

Read More

Highlights

56%

Independent Directors on the Board

385

Suppliers assessed for environmental impacts in FY 2023-24

114

Suppliers screened for environmental or social criteria in FY 2023-24

Things to discover in this section

01

Corporate Governance

02

Board Profiles

Read More

Highlights

24.87%

Revenue

34.70%

Profit After Tax

27.64%

EBITDA

18.37%

Net Worth

Things to discover in this section

01

Statement of profit & loss account

02

Balance sheet

03

EBITDA and other ratios

04

Financial highlights

Read More

  • Planet

    Highlights

    18%

    share of renewable electricity in total electricity

    49%

    of waste recycled during the year

    9,54,817 kL

    of water withdrawal
    during FY 2023-24

    Things to discover in this section

    01

    Energy & Emissions

    02

    Water

    03

    Waste

    Read More

  • People

    Highlights

    11%

    Women's representation on Board

    17.75%

    Women's representation in the workforce

    100%

    Workforce trained on health and safety aspects during the FY 2023-24

    1,06,651 hours

    of health and safety training provided to the workforce

    Things to discover in this section

    01

    Our commitment towards Diversity, Equity & Inclusion (use this across)

    02

    Health and safety of the workforce

    03

    Workforce training, development, and retention initiatives

    Read More

  • Products

    Highlights

    6

    Key export regions served

    37

    R&D and Engineering Centres

    25%

    Increase in revenue in FY 2023-24

    68

    Plants Pan-India

    26

    Product lines across 4 Domains

    Things to discover in this section

    01

    Product Overview

    02

    Aftermarket Business

    03

    EV Roadmap

    Read More

  • Process

    Highlights

    56%

    Independent Directors on the Board

    385

    Suppliers assessed for environmental impacts in FY 2023-24

    114

    Suppliers screened for environmental or social criteria in FY 2023-24

    Things to discover in this section

    01

    Corporate Governance

    02

    Board Profiles

    Read More

  • Profit

    Highlights

    24.87%

    Revenue

    34.70%

    Profit After Tax

    27.64%

    EBITDA

    18.37%

    Net Worth

    Things to discover in this section

    01

    Statement of profit & loss account

    02

    Balance sheet

    03

    EBITDA and other ratios

    04

    Financial highlights

    Read More