ZF Commercial Vehicle Control Systems India Limited (ZFCVS), a leading supplier to automotive OEMs, reported a consolidated net profit of Rs 406 crore during FY24, a jump of 11.9% over Rs 318 crore in FY23. Parallelly, the company's revenues jumped by 10.8% to Rs 3816 crore in FY24 as against Rs 3444 crore in FY23.
On a quarterly basis, ZFCVS' net profit remained almost flat at Rs 100 crore during Q4 FY24 compared with Rs 101 crore in Q4 FY23. Likewise, the company's revenue during Q4FY24 was reported at Rs 959 crore as compared to Rs 977 crore in the corresponding period of Q4FY23.
ZFCVS counts vehicle manufacturers such as Tata Motors, Ashok Leyland, Mahindra & Mahindra, Switch Mobility, Daimler, JBM Auto, Eicher, Catterpillar, Escorts, TAFE, Audi, and others among its leading customers.
The development comes as ZF, the third largest supplier of automotive systems for passenger vehicles, commercial vehicles, and industrial technology, inaugurated its 6th manufacturing plant in India in Oragadam, Tamil Nadu in February. Spread over an area of 44.08 acres, the new manufacturing facility, which is phase I of the project, covers an area of 7200 square metres and displays ZF’s state-of-the-art production technology.
According to ZF, the new facility will play a critical role in pioneering innovative solutions in the safety, automated, connected, and electric domains for commercial and passenger vehicles to deliver next-generation mobility and grow exports as a centre of excellence for manufacturing and frugal engineering.
To meet the increasing demand from customers, ZF plans to boost its workforce at the Oragadam plant over the next decade and will employ predominantly women at this site, the company earlier said.