Sona BLW Precision Forgings (Sona Comstar), a leading automotive technology company providing mission-critical systems and components for electrified and non-electrified powertrain segments, has reported record revenue of Rs 685 crore, up 39 percent YoY in Q3 FY2023.
The EBITDA came at Rs 186 crore and a margin came of 27.2 percent. The net profit for the period came at Rs 107 crore, up 45 percent YoY. During the period the company saw its revenue share from EVs come at 26 percent, in terms of revenue growth it was 29 percent YoY.
The net order book increased to Rs 23,800 crore from Rs 20,500 crore as of September 30th, 2022.
For the first nine months of FY2023, the revenue was Rs 1,932 crore, up 22 percent YoY, EBITDA of Rs 494 crore and a margin of 25.6 percent. The net profit was Rs 276 crore, up 18 percent YoY.
Vivek Vikram Singh, MD & Group CEO, said: “We delivered our highest quarterly revenue, EBITDA and net profit in Q3 FY2023. Our revenue grew 39% y-o-y in the last quarter, driven by the scale-up of revenue from new programs. Our BEV revenue was higher by 29% y-o-y, representing 26% of overall revenues. Despite the continued high steel prices, the EBITDA margin improved by 80 bps y-o-y to 27.2%, driving EBITDA growth of 43% and PAT growth of 45%.”
“We continue to progress on all our key strategic priorities. We won the largest single new order in our history, an EV driveline program which is a big step forward for us in both business development and technology, as this is a new product called an Electronic Differential Lock (EDL). This win demonstrates our ability to keep adding new and higher-value-added products for our customers. We also made our first acquisition since 2019, and with NOVELIC, we have added a third pillar of Sensors and Software to our business,” he added.
In terms of operational highlight, Sona Comstar won business from a global EV OEM to supply Electronic Differential Lock (EDL) for their upcoming BEV model. This program added Rs 3,350 crore to its order book and is the single largest new order win in the company’s history. The program’s start of production is in H2 FY2024.
In addition, it also won a new program for a US-European OEM of PVs and EVs to supply differential assemblies for their upcoming BEV model. This program added Rs 360 crore to its order book. The program’s start of production is in H2 FY24.