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New Delhi: Sona BLW Precision Forgings Ltd. (Sona Comstar), Sona Comstar today announced its financial results for Q2 2023. The company had revenue of INR.732 crore with 24% YoY growth, revenue share from Battery Electric Vehicles (BEV) at 26%, and BEV revenue growth of 13% YoY.
Sona Comstar had an EBITDA of INR 203 crore with a margin of 27.8% and 43% YoY growth. The company’s Q2 PAT was at INR 112 crore with a net profit margin of 15.3% and 48% YoY growth. As per the net order book EVs programs contribute 78% of INR 22,000 crore as of Q2.
Sona Comstar, an automotive technology company providing mission-critical systems and components for electrified and non-electrified powertrain segments, has received an order from an Indian two-wheeler OEM to supply hub-wheel traction motors for its upcoming electric scooter model. This program has added INR 360 crore to its order book. The production is likely to commence from Q4 FY24.
Vivek Vikram Singh, MD & Group CEO, said, “We achieved our highest-ever quarterly EBITDA in Q1 FY24. Our revenue grew 24% y-o-y, driven mainly by the scale-up of the new customer programs. The reduction in FAME-II subsidies has resulted in lower production by the electric two-wheelers industry, thus impacting our traction motor sales. Despite this, our BEV revenue grew 13% y-o-y, representing 26% of overall revenues. EBITDA margin improved by 360 bps y-o-y to 27.8%, driving EBITDA growth of 43% and PAT growth of 48%. We have continued to progress on all our key strategic priorities.”
“With four new BEV program wins, our net order book grew to INR 22,000 crores, of which EVs contributed 78%. Last quarter, we won a new program to supply the hub wheel traction motor for electric scooters from an Indian OEM of Electric and ICE two-wheelers. In addition, we won a new program to supply the differential assembly for electric Class 5 trucks from a North American OEM of electric CVs. We entered a new mobility segment by winning a new program from a global OEM to supply final drive differential assemblies for recreational off-highway vehicles (OHVs). We have made substantial progress on our technology roadmap by partnering with a road-tested technology partner in Equipmake to enter the high-voltage motor and inverter space,” he added.
