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Profit After Tax stands at INR 112cr with a profit margin gof 15.3% which has grown 48% than the previous year. Mostly EV program have contributed about 78% of the order book worthing INR 22000cr as of for the first financial quarter.
Date: July 28, 2023Gurugram- Sona BLW Precision Forgings Ltd. (Sona Comstar)., a leading automotive technology company providing mission-critical systems and components for electrified and non-electrified powertrain segments, today announced its financial results for the quarter ended June 30th, 2023
Financial Highlights – Q1 FY24
The company states that the revenue stands at INR 732cr which is a growth of 24% year on year where 26% of the revenue comes up from its BEV segment, which has increased 13 % corresponding to the previous year. EBITDA stood at INR 203cr with a margin of 27.8% and has a increased 43% compared to the previous year. Profit After Tax stands at INR 112cr with a profit margin gof 15.3% which has grown 48% than the previous year.
Mostly EV program have contributed about 78% of the order book worthing INR 22000cr as of for the first financial quarter.
Commenting on the Q1 results, Mr Vivek Vikram Singh, MD & Group CEO, of Sona BLW Precision Forgings Ltd 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 Rs. 22,000 crores, of which EVs contribute 78%. Last quarter, we won a new program to supply the hubwheel 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.”
Operational Highlights – Q1 FY24
• A North American OEM has awarded the company a program to supply Differential assemblies for their upcoming Electric Class 5 truck. This program has added Rs 405 crores to our order book, and production will likely commence in Q4 FY25.
• The company has received an order from an Indian two-wheeler OEM to supply hub-wheel traction motors for their upcoming electric scooter model. This program has added Rs 360 crores to our order book. The production is likely to commence in Q4 FY24.
• The company has been awarded a new program by an Indian OEM of Electric OHVs and 3-wheelers to supply mid-drive traction motors and controllers for their upcoming electric OHV model. This program has added Rs 90 crores to our order book. The production will likely commence in Q4 FY24.
• A Global OEM of recreational Off-highway vehicles has awarded the company a program to supply Final Drive Differential assemblies for their recreational OHVs. This program has added Rs 430 crores to our order book, and the start of production is likely in Q2 FY25. This order win marks our entry into a new mobility segment, i.e., recreational OHVs.
• The company signed a technology licensing agreement with Equipmake, a UK-based technology company that has developed high-performance electric powertrains. Under the agreement, Equipmake will license certain patented spoke motor and inverter technology in the power range of 100kW to 440 kW to Sona Comstar to manufacture and sell EV Powertrains, sub-systems, and components for electric cars, buses, commercial vehicles and off-road vehicles. Sona Comstar has exclusive rights to sell drive motors, inverters, and drivetrains for the target applications in the licensed territory of India, Thailand, and select South Asian markets. The company will manufacture drive motors, inverters, and drivetrains for the target applications, supply them to its customers in the licensed territories, and Equipmake for other markets.
Electrification:
• BEV Revenue Share: Revenue from Battery EV grew 13% YoY Rs. 184 crores in Q1 FY24 and contributed 26% of total revenue.
• EV programs: we added four new programs and one new customer in Q1 FY24. The number of awarded programs increased to 46 across 27 different customers.
About Sona BLW Precision Forgings Limited
Sona BLW Precision Forgings Limited (Sona Comstar) Sona Comstar primarily designs, manufactures, and supplies highly engineered, mission-critical automotive systems and components to automotive OEMs. Sona Comstar is a leading supplier to the fast-growing global Electric Vehicle (EV) market. The company has strong R&D, engineering and technological capabilities in precision forging, mechanical and electrical systems, as well as base and application software development. It is diversified across geographies, products, vehicle segments and customers. Founded in 1995, it is headquartered in Gurugram, India and has emerged as a global supplier with nine manufacturing and assembly facilities across India, USA, Mexico, and China