Automotive Technology firm Sona Comstar expects its revenue share from the electric vehicle segment to touch 50 percent by FY27, on a strong pipeline of orders and an expanding EV market, a top company official said.
The revenue share of the company’s EV segment in the overall topline jumped to 29 percent in the June quarter from a meager 2 percent in FY20, Sona Comstar Managing director and Group CEO Vivek Vikram Singh said.
“As much as 66 percent of our overall order book pertains to the EV segment. So, it (EV segment revenue) should account for 45 percent in the overall revenue for sure in the next 3-4 years,” Singh told PTI.
Singh further said, if the electric two-wheeler segment takes off in India, the EV segment revenue would be higher.
“So, we will have to wait and see. If we win more programmes in the order book shape that will also help (us), then this share could reach 45-50 percent by FY27,” Singh said.
The company earlier this week reported a 5 percent growth in profit after tax at Rs 75.80 crore and an 18 percent increase in the topline to Rs 589.20 crore in the June quarter over the year-ago period aided by a 68 percent rise in the Battery Electric Vehicles (BEV) revenue compared to Q1FY22.
The Gurugram-based company has two business verticals — driveline and motor — with 13 products. It has nine manufacturing facilities in four countries — India, USA, China, and Mexico — as well as three R&D centres.
Its EV-focussed products include differential assemblies, reduction gears, traction motors, motor controllers, e-axles, and integrated modules among others.
According to Singh, the company has won a total of 13 new programmes — six from EV customers and the remaining seven from non-EV applications during the June quarter.
Of the six EV programmes, three are significant ones that will drive diversified EV growth. This includes one programme from an Indian original equipment manufacturer (OEM) of electric and ICE.