Sona Comstar net profit up 38% at Rs 124 crore in Q2 FY24

Sona BLW Precision Forgings (Sona Comstar), a leading automotive technology company providing mission-critical systems and components for electrified and non-electrified powertrain segments, reported a 20.7% increase in its consolidated revenue at Rs 797 crore in the quarter ended September 30 (Q2 FY24). The company posted consolidated revenue of Rs 660 crore in the same quarter last year.

During the period, the company's revenue share from battery electric vehicles (BEV) was 27%, with BEV revenue growth of 58% YoY.

Meanwhile, the company's consolidated net profit also grew by 38% to Rs 124 crore, with a net profit margin of 15.7% in Q2 FY24 as compared to Rs 90 crore in the corresponding quarter last year.

According to Vivek Vikram Singh, MD & Group CEO, the company has added seven new products to its roadmap across three business divisions. "We have made a significant change to our vision statement, widening our ambit to the broader mobility landscape beyond automotive. This expanded ambition will guide all our strategic choices hereon, beginning first with our product and technology roadmap. We have revamped our product and technology roadmap to reflect our plans to develop products for a mobility future that is EPIC - Electric, Personalised, Intelligent and Connected," he added.

Singh further added that with two new BEV program wins, the company's net order book grew to Rs 221 billion, of which EVs contribute 78%. "Last quarter, we won a new program to supply the rotor-embedded differential sub-assemblies from a North American new-age OEM of high-end electric cars. In addition, we won a new program to supply traction motors for electric three-wheelers from one of the largest Indian OEMs."

During the quarter under review, the auto component maker reported EBITDA of Rs 223 crore with a margin of 28.2% and 35% YoY growth. As per the company, EV programs contribute 78% to the net order book of Rs 22,100 crore as of September 30, 2023.