Sona Comstar reports 48% profit at Rs 112 crore for Q1FY24
The company's revenues from the BEV segment grew by 13% on a year-on-year basis during Q1FY24, representing 26% of overall revenues.
Automotive component supplier, Sona Comstar has reported a 48% rise in net profit of Rs 112 crore, for the first quarter of FY24. It reported a 24% growth in revenues, which came in at Rs 732 crore.
The company's revenues from the BEV segment grew by 13% on a year-on-year basis during Q1FY24, representing 26% of overall revenues. The company's EV programmes contributed 78% to the net order book of Rs 22,000 crore as of June 30, 2023.
Vivek Vikram Singh, MD and Group CEO, Sona Comstar said: “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,” he added.
According to the company management, the fall out of Fame 2 reduction and it's related fallout on pricing and demand had a negative impact. The management added that the estimated impact for full year to be around Rs 100-120 crore from the budgeted revenues from the category.
This, the company said during a post result investor call.
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