Sona BLW Precision Forgings Ltd. (Sona Comstar), a prominent mobility technology company specializing in systems and components for electrified and non-electrified powertrains, announced robust financial results for the quarter and half-year ending September 30, 2023.
Key Financial Highlights – Q2 FY24:
- Revenue of Rs. 791 crores, representing a 20% YoY growth.
- 27% of revenue is sourced from Battery Electric Vehicles (BEV) with a remarkable 58% YoY revenue increase in BEV segment.
- EBITDA of Rs. 223 crores, boasting a margin of 28.2% and 35% YoY growth.
- Profit After Tax (PAT) of Rs. 124 crores, with a net profit margin of 15.7% and a notable 34% YoY growth.
- Adjusted PAT (before exceptional expenses) surged by 39% YoY to Rs. 128 crores, with a margin of 16.2%.
- Electric Vehicle (EV) programs contribute 78% to the net order book, amounting to Rs. 22,100 crores as of September 30, 2023.
Key Financial Highlights – H1 FY24:
- Revenue reached Rs. 1,523 crores, marking a 22% YoY growth.
- BEV revenue contributed 27% of the total revenue with a significant 33% YoY growth.
- EBITDA of Rs. 427 crores, featuring an EBITDA margin of 28.0% and a noteworthy 38% YoY growth.
- PAT amounted to Rs. 236 crores, with a net profit margin of 15.5% and a remarkable 40% YoY growth.
- Adjusted PAT (before exceptional expenses) grew by 44% YoY to Rs. 242 crores, with a margin of 15.9%.
Operational Highlights – Q2 FY24 and H1 FY24:
- The company secured a program to supply Rotor embedded differential sub-assemblies for a North American New Age OEM of electric cars, contributing Rs. 170 crores to the order book.
- Sona Comstar received an order to supply mid-drive traction motors for upcoming electric three-wheelers from an Indian OEM of Passenger Vehicles (PVs), Commercial Vehicles (CVs), Off-Highway Vehicles (OHVs), and EVs, adding Rs. 370 crores to the order book.
- The company observed substantial growth in BEV revenue share, with 33% YoY growth, totaling Rs. 391 crores in H1 FY24, constituting 27% of total revenue.
- Sona Comstar expanded its EV programs, adding six new programs and two new customers in H1 FY24, accumulating a total of 48 awarded programs across 28 different customers.
- Notably, on September 4, 2023, Sona Comstar acquired a 54% equity stake in NOVELIC, a leading provider of mmWave radar sensors, perception solutions, and embedded systems, diversifying into “Sensors and Software.”
Sona Comstar is poised for growth and innovation, making significant strides in the BEV sector and expanding its presence in the mobility technology landscape.
