Sona BLW Precision Forgings (Sona Comstar), a leading mobility technology company has announced its financial results for Q3 and 9 months of FY2024 with revenue of Rs 777 crore, up 13 percent YoY and Rs 2,300 crore, up 19 percent YoY respectively.
The company has benefitted from new orders from customers in the battery electric vehicle programs. It won five new BEV programs taking its net order book to its record high of Rs 24,00 crore compared to Rs 21,500 crore as of March 31, 2023.
In terms of profits, the company reported Rs 133 crore net profit, up 24 percent in Q3 FY2024 and Rs 369 crore, up 34 percent for 9M FY2024.
Vivek Vikram Singh, MD & Group CEO, Sona Comstar said, “We delivered our highest quarterly EBITDA, net profit, BEV revenue, BEV revenue share and order book in Q3 FY24. Our BEV revenue was higher by 28% y-o-y, representing 30% of overall revenues. EBITDA margin improved by 200 bps y-o-y to 29.2%, driving EBITDA growth of 22% and PAT growth of 24%.”
“We have introduced a new product, an integrated motor controller, that should improve the electric powertrains for electric two-wheelers. As per Ricardo estimates, our global market share increased in differential gears and starter motors in 2023. The last quarter was one of our best quarters for business development. With five new BEV program wins, we closed last quarter with an all-time high net order book. Three of the new BEV programs won are for three innovative and unique powertrain solutions, reaffirming our position as the technology leader in our products. From where we stand today and what we see, based on customer schedules and our strong order book, we are certain that electrification will continue to drive strong growth for us in the immediate, medium, and long term,” he added.
During the period, Sona Comstar developed a new product – Integrated Motor Controller – for electric two-wheelers. This new product it says differs from a separate motor and controller setup due to several aspects and offers customers advantages such as – compact design, improved efficiency and performance, cost-effectiveness, reduced wiring and connectivity issues, among others.
The company has already received an order from a new customer, an Indian OEM of ICE and electric two- wheelers, to supply integrated motor controllers for their upcoming high-performance electric bikes. This program added Rs 345 crore to its order book, with the production likely to commence in Q1 FY2026.
It has also bagged an order to supply Spool Gears for the three-motor architecture from a global OEM for their most advanced and highest-torque SUV BEV model. The program added Rs 570 crore to order book, with the production to commence in Q4 FY2024.
Furthermore, a North American new-age OEM of electric cars awarded a program to supply Epicyclic Geartrain and Rotor shafts for their high-performance electric car. This program added Rs 99 crore to its order book, and production will likely commence in H1 FY2027.
