Sona BLW Precision Forgings Ltd (Sona Comstar) has reported its financial results for the quarter and nine months ended December 30, 2023. In Q3 FY24, Sona Comstar recorded a revenue of INR 777 crore, marking a 13% YoY growth. The EBITDA stood at INR 227 crore with a margin of 29.3%, reflecting a 22% YoY growth. The Profit After Tax (PAT) reached INR 133 crore, with a net profit margin of 17.2%, showcasing a robust 24% YoY growth. Notably, the revenue share from Battery Electric Vehicles (BEV) reached 30%, with a remarkable 28% YoY growth.
For the nine months ended December 30, 2023, Sona Comstar reported a revenue of INR 2,300 crore, marking a 19% YoY growth. The EBITDA for this period stood at INR 654 crore with an EBITDA margin of 28.4%, reflecting a 32% YoY growth. The PAT reached INR 369 crore, with a net profit margin of 16.1%, showcasing a robust 34% YoY growth. The net order book increased to INR 24,000 crore, up from INR 21,500 crore as of March 31st, 2023.
Vivek Vikram Singh, MD & Group CEO, expressed satisfaction with the outstanding quarterly performance, stating, '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 E2-wheelers.'
Operational highlights for Q3 FY24 include the development of a new product, the Integrated Motor Controller, for electric two-wheelers, offering advantages like compact design, improved efficiency, cost-effectiveness, and reduced wiring issues. Additionally, Sona Comstar secured new orders from Indian and global OEMs for various electric vehicle components, adding substantial value to the company's order book.
Singh emphasised the positive outlook, stating, '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.' Sona Comstar's strategic focus on electric mobility and technological innovation positions the company for sustained success in the evolving automotive landscape.
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