Setco Automotive Limited has reported record breaking revenue for the first half of the current financial year at INR 3.22 billion, up 11 percent as compared to the revenue of INR 2.90 billion in the corresponding period last fiscal. 
Specialising in the manufacture of commercial vehicle clutch systems, the automotive Tier 1 supplier declared the results at the board meeting on 14 November 2024. 
The EBITDA registered for the H1 FY25 is INR 463 million as against INR 270 million in H1 FY24, a year-on-year growth of 72 percent on account of an increase in volumes in the aftermarket segment mainly. 
With improved operational efficiencies and cost savings, the company recorded EBITDA margin for the first half at 14.4 percent. 
The operating revenue for the second quarter of FY2024-25 was INR 1.59 billion as against INR 1.45 billion in Q2 of FY2023-24 on account of an increase in OE and aftermarket supplies. 
The EBITDA for the Q2 of FY2024-25 was INR 260 million as against INR 127 million in Q2 of FY2023-24, marking a year-on-year growth of 104 percent on account of an increase in sales and focused approach on cost savings particularly. 
The EBITDA margin for Q2 FY2024-25 stood at 16.2 percent. 
 

Inventing the first-ever window regulator that would allowing drivers to raise or lower windows while driving in 1917, Inteva Products LLC – formerly Delphi Interiors and Closures – has announced that it has earmarked US $ 3.3 million to expand its manufacturing facility in India at Pune.  
Employing the use of rubber and plastic materials in place of wood in interiors as safer alternatives in 1924, the US-based Tier 1 automotive supplier will significantly increase its production capacity and operational efficiency in line with the company’s commitment to meet the rising demand from India’s expanding automotive sector.
Developing the world’s first sealed door module and producing the first steel door module in the period between 1968 and 1982, Inveta Products – specialising in the manufacture of in automotive systems and components – has highlighted a 70 percent increase in the plant’s production space as part of the expansion initiative. 
Witnessing a growth in space to 85,000 sq. ft, the company – using polystyrene-based materials to improve the crash worthiness of instrument panels starting with the Chevrolet Corvette – will also invest in 26,000 sq ft of office space. 
To install new production lines for window regulators, latches, and window regulator motor assemblies, the company that developed the world’s first sealed door module in the 1980s, is positioning itself to better serve its customers in the country. 
Claiming to be the first automotive supplier to develop seat motors and power trunk latches in 1984, Inveta Products LLC has announced that the expansion activity it has undertaken will create up to 100 new jobs, benefitting the local workforce and contributing to Maharashtra’s economic growth. 
The first automotive supplier to introduce thermoplastic polyolefin (TPO) in extruded-sheet form for use in thermoforming of instrument panel skins in the 1990s, the automotive supplier is also aligning with India’s push for self-reliance in the automotive sector. 
Exhibiting a long-term commitment through the expansion initiative, Inveta Products LLC has embarked on the expansion spree as part of its strategy to support the country’s role as a global hub for automotive manufacturing.
“This expansion reflects Inteva’s ongoing commitment to the Indian market, which is critical to our global growth strategy,” said Gerard Roose, President and CEO of Inteva Products. “As demand for high-quality automotive components continues to rise, we are proud to increase our capacity to better serve our customers while creating valuable local employment opportunities,” he added. 
The existing facility of Inveta Products LLC in Pune – Inveta’s Indian journey began in 2008 and was followed by the commissioning of a greenfield plant in Chakan in 2012 – is manufacturing side door latches, liftgate latches, window regulators and motors for window regulators for leading Indian automakers like Mahindra & Mahindra, Tata Motors, Stellantis, Volkswagen, Hyundai, MG Motors and Force Motors. 
The plant is also a critical supplier to the global automotive supply chain, exporting window regulator motors to markets in South Africa and North America.
Commenting on the expansion exercise, Sanjay Kataria, Vice President and Managing Director, Inteva India, averred, “With this expansion, we’re able to offer our customers even more localized, high-quality automotive components that meet their evolving needs. Our investment in advanced manufacturing capabilities here in Pune underscores our commitment to excellence and innovation.”
Building a track record for delivering high-tech automotive solutions with an emphasis on quality, efficiency and sustainability, the automotive Tier 1 supplier has a technical centre in Bengaluru. The centre has approximately 320 people of which 181 are engineers that support both global and Indian operations with advanced product development and engineering expertise.

Varroc Engineering, a tier-I supplier, has announced its financial results for Q2 FY2025 and H1 FY2025.

The company clocked revenue of INR 20.8 billion in Q2 FY2025, up 10.3 percent YoY, the profit before tax was 4.4 percent on the back of positive operating leverage in India operations. Overseas business and R&D spend in global operations for future growth were key factors that continued to impact consolidated profitability.

In H1 FY2025, the company reduced its net debt by INR 1,554 million with net debt to equity improving to 0.50x versus 0.64x at end-FY2024. The absolute net debt figure now stands at INR 8,273 million.

Tarang Jain, CMD, Varroc, said, "The India GDP growth for Q1 of FY2025 was 6.7 percent. This was lower than the earlier projections given by RBI and lower than the growth levels of the previous few quarters. While urban consumption is down, rural consumption has been improving during the FY which is also reflected in good growth seen in two-wheeler industry. Destocking by dealers before Euro 5+ and lack of growth driven by lower consumption is impacting the European and American two-wheeler market. In the ASEAN region, the growth was largely driven by low-end segments and the premium segment continues to struggle for growth in this region.”

Jain revealed that during H1 FY2025, Varroc incurred INR 1,030 million in CAPEX, and for H2 FY2025, the CAPEX will further grow on the back of investment for additional SMT lines and increasing EV component capacity.

“We are also investing in land in southern & western part of India for future growth. As indicated earlier, we are working on various initiatives to drive cost reductions across several categories of cost with special focus on fixed cost. Some of these measures have already started showing impact on our bottom-line but most of them will fully get reflected by Q4 FY2025. We have also rationalised headcount levels across businesses and functions. We continue to look at avenues to make the organisation more lean, nimble & agile and to increase speed in decision making,” said Jain.  

The tier 1 supplier stated its orderbook for H1 FY2025 continued to remain healthy, and it achieved net new business wins with annualised peak revenues of INR 6 billion. Interestingly, electric vehicle segment accounted for over 37 percent of the new business gains.

Uno Minda, a leading tier 1 automotive component supplier, has announced its financial results for Q2 FY2025 and H1 FY2025.

The company posted revenue of INR 42.45 billion for Q2 FY2025, up 17 percent, as against INR 36.21 billion last year. The EBITDA came at INR 4.8 billion, up 20 percent YoY, as against INR 4 billion last year. The net profit came at INR 2.4 billion, up 9 percent YoY, as against INR 2.2 billion last year. The company witnessed growth across its business including – lighting, switches, casting, sensors and controllers.

For H1 FY2025, the revenue came at INR 80.62 billion, up 20 percent from INR 67.14 billion last year. The EBITDA came at INR 8.9 billion, versus, INR 7.3 billion last year. The net profit came at INR 4.4 billion, up 12 percent YoY, as against INR 3.9 billion for the same period last year.

Nirmal K Minda, CMD, Uno Minda Group, said, “We are committed to drive sustainable growth and innovation in the automobile market with a greater focus on localisation and technology advancement. Our focused approach has yielded significant results with company achieving new milestone every quarter. As India emerges as a global automotive hub, we are well-positioned to capitalize on this growth with our diversified portfolio catering all vehicle segments. We remain committed to investing in cutting-edge technologies to drive future growth.”

Sunil Bohra, CFO, Uno Minda Group, said, “We have delivered yet another strong quarterly performance, with highest-ever quarterly revenue for the quarter. Our approach towards strengthening customer relationships, forging strategic partnerships and new alliances with a strategic vision; we aim to capture greater market opportunities, cater to the automotive industry, and deliver long-term value. Our commitment to R&D fuels innovation and the development of new products. Our diverse product portfolio, robust manufacturing capabilities, and advanced technology solutions solidify our position as a preferred global systems manufacturer.”

Tier 1 supplier Marelli has appointed Saju Mookken as its new India Country Manager to lead the company’s strategy and growth initiatives in the region.

He will take over the responsibility from Ravi Tallapragada, who has been leading India operations and will now taken on a global role. Tallapragada will lead Marelli’s Electronic Systems business at a global level, as the company sees huge opportunity in the Software Defined Vehicles (SDVs) domain.

Mookken has over 25 years of experience in the automotive industry and has been instrumental in establishing the company’s presence in India. He will also don the hat as the Regional Head of Propulsion Solutions in APAC (without China).

Before joining Marelli, he served on the board of Denso Group, where he was responsible for Finance, IT, Commercial & Sales and Purchasing. He holds a Bachelor of Commerce from Delhi University and is a qualified chartered accountant.