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, Tuesday announced that its Q3 FY24 (ended on December 31, 2023) revenue increased to INR 777 crore with 13% YoY growth.
Revenue share from Battery Electric Vehicles (BEV) was at 30% and BEV revenue growth was 28% YoY. The EBITDA of INR 227 crore posted a margin of 29.3% and 22% YoY growth and PAT of INR 133 crore a net profit margin of 17.2% and 24% YoY growth. With five new BEV program wins, the net order book has increased to the highest-ever INR 24,000 crore, the company said in a media release.
Key Financial Highlights: 9M FY24 : Revenue of INR 2,300 crore with 19% YoY growth; Revenue share from Battery Electric Vehicles (BEV) at 28%, BEV revenue growth of 31% YoY; EBITDA of INR 654 crore with an EBITDA margin of 28.4% and 32% YoY growth;PAT of INR 369 crores with a net profit margin of 16.1% and 34% YoY growth; The net order book increased to INR. 24,000 crores from INR 21,500 crore as of March 31, 2023
Vivek Vikram Singh, MD and Group CEO, said, “We delivered our highest quarterly EBITDA, net profit, BEV revenue, BEV revenue share and order book in Q3 FY24. Our BEV revenue was higher by 28% y-o-y, representing 30% of overall revenues. EBITDA margin improved by 200 bps y-o-y to 29.2%, driving EBITDA growth of 22% and PAT growth of 24%. We have introduced a new product, an integrated motor controller, that should improve the electric powertrains for E2-wheelers. As per Ricardo estimates, our global market share increased in differential gears and starter motors in 2023. On the ESG front, I am happy to report that we reduced the intensity of emissions from our operations by over 10% last year. The last quarter was one of our best quarters for business development. With five new BEV program wins, we closed last quarter with an all -time high net order book. Three of the new BEV programs won are for three innovative and unique powertrain solutions, reaffirming our position as the technology leader in our products. From where we stand today and what we see, based on customer schedules and our strong order book, we are certain that electrification will continue to drive strong growth for us in the immediate, medium, and long term.”
Operational Highlights – Q3 FY24 and 9M FY24:Sona Comstar developed a new product, Integrated Motor Controller, for electric two-wheelers. This new product differs from a separate motor and controller setup due to several aspects and offers the customers matchless advantages. Some advantages include i) compact design, ii) improved efficiency and performance, iii) cost-effectiveness, iv) reduced wiring and connectivity issues, etc.
The company has received an order from a new customer, an Indian OEM of ICE and electric two-wheelers, to supply integrated motor controllers for their upcoming high-performance electric bikes.
This drivetrain is compact because the controller is integrated with the motor in a single unit. This program has added INR 345 crore to the order book. Production is likely to commence from Q1 FY26.
A global OEM of electric cars has awarded the company a new program to supply Spool Gears for the three-motor architecture of their most advanced and highest-torque SUV BEV model. This program has added INR 570 crore to the order book. The program’s start of production is in Q4 FY24.
A North American New Age OEM of electric cars has awarded the company a program to supply Epicyclic Geartrain and Rotor shafts for their high-performance electric car. This program has added INR 99 crore to the order book, and production will likely commence from H1 FY27.
BEV Revenue Share: Revenue from Battery EV grew 28% YoY to INR 222 crore in Q3 FY24 and contributed 30% of total revenue.
EV programs: The company added five new programs and two new customers in Q3 FY24. The number of awarded programs increased to 53 across 30 different customers, the company release said.
