Sona Comstar posts record quarterly profit of Rs 124 crore in Q2 FY2024
Sona BLW Precision Forgings (Sona Comstar) a leading tier 1 supplier has announced its financial results for Q2 FY2024 and H1 FY2024.
In Q2 the revenue came at Rs 791 crore, up 20% YoY, EBITDA at Rs 223 crore, up 35% YoY and net profit of Rs 124 crore, up 34% YoY. This the company says is the best-ever quarterly performance for the company.
The robust performance can be attributed to Sona Comstar’s strategic decision to focus on EPIC – Electrified, Personalised, Intelligent and Connected technology.
Vivek Vikram Singh, MD & Group CEO, Sona Comstar said, “We have made a significant change to our vision statement, widening our ambit to the broader mobility landscape from automotive. This expanded ambition will guide all our strategic choices hereon, beginning first with our product and technology roadmap.”
“We have added 7 new products to our roadmap across our 3 business divisions. In terms of financials, we achieved our highest revenue, EBITDA and net profit. BEV revenue grew 58% YoY to Rs 207 crore, representing 27% of total revenue. We continue to progress on all our key strategic priorities. With two new BEV program wins, our net order book grew to Rs 221 billion, of which EVs contribute 78%. Last quarter, we won a new program to supply the rotor-embed 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.”
In H1 FY2024, the company bagged order to supply rotor embedded differential sub-assemblies from a North American company for its high-performance electric car. It has also received an order from Indian OEM of PVs, CVs, OHVs and EVs to supply mid- drive traction motors for its upcoming electric three-wheelers. This program has added Rs 370 crore to the order book. The production is likely to commence in Q3 FY25.
The company added 6 new programs and 2 new customers in H1 FY24. The number of awarded programs increased to 48 across 28 different customers.
