New Delhi: Sona BLW Precision Forgings Ltd. (Sona Comstar), a leading mobility technology company providing mission-critical systems and components for electrified and non-electrified powertrain segments, Wednesday announced its financial results for the quarter and half year ended September 30, 2023.
Q2 FY24 revenue grew to INR 791 crore with 20% YoY growth. Revenue share from Battery Electric Vehicles (BEV) at 27%, BEV revenue observed a growth of 58% YoY. EBITDA increased to INR 223 crore with a margin of 28.2% and 35% YoY growth. PAT at INR 124 crores with a net profit margin of 15.7% and 34% YoY growth. Adjusted PAT (before exceptional expenses) grew 39% YoY to INR128 crore with a margin of 16.2%. EV programs contribute 78% to the net order book of INR 22,100 crore as of September 30, 2023.
For the H1 FY24 the company saw revenue of INR 1,523 crore with 22% YoY growth. Revenue share from Battery Electric Vehicles (BEV) at 27%, BEV revenue growth of 33% YoY. EBITDA raised to INR 427 crore with an EBITDA margin of 28.0% and 38% YoY growth. PAT increased at INR 236 crore with a net profit margin of 15.5% and 40% YoY growth. Adjusted PAT (before exceptional expenses) grew 44% YoY to INR 242 crores with a margin of 15.9%.
Vivek Vikram Singh, MD & Group CEO, said, “We have made a significant change to our vision statement, widening our ambit to the broader mobility landscape from automotive. In terms of financials, we achieved our highest revenue, EBITDA and net profit. BEV revenue grew 58% y-o-y to INR 207 crores, representing 27% of total revenue. EBITDA margin improved by 300 bps y-o-y to 28.2%, driving EBITDA growth of 35% and PAT growth of 34%. We continue to progress on all our key strategic priorities. With two new BEV program wins, our net order book grew to INR 221bn, of which EVs contributed 78%. In addition, we won a new program to supply traction motors for electric three-wheelers from one of the largest Indian OEMs.”
