Sona BLW Precision Forgings Ltd (Sona Comstar) has announced its financial outcomes for the fiscal year ending March 31, 2024. The company has achieved great results with the highest-ever reported revenue, EBITDA, Net Profit, and Battery Electric Vehicle (BEV) revenue shares. Sona Comstar's financial performance in FY24 has seen 19% increase in annual revenue, amounting to INR 3,185 crore. The revenue from BEVs alone surged by 32% year-over-year, contributing 29% to the total revenue, underscoring the company’s strategic focus on EVs.
The company's EBITDA for the year stood at INR 902 crore, up 30% from the previous year, with an EBITDA margin improvement of 180 basis points to 28.3%. Net profit for the fiscal year rose notably by 31% to INR 517 crore.
The growth trajectory of Sona Comstar is aligned with the rising global shift towards electric vehicles. The company added 39 new programs throughout the year, with a net order book increase to INR 22,600 crore. 'Our record-breaking quarter in terms of revenue, EBITDA, and net profit is a testament to our strategic focus and execution capabilities in the electric vehicle space,' stated Vivek Vikram Singh, MD & Group CEO of Sona Comstar. The company's success is attributed to significant sales growth in EV differential assemblies and an expanding global footprint.
Sona Comstar has also seen changes in its leadership, with the retirement of its long-serving Chief Technology Officer, Kiran Deshmukh. He will be succeeded by Praveen Chakrapani Rao, who will assume the role from November 1, 2024. This transition is expected to continue the momentum in innovation and technological advancements at Sona Comstar.
In response to changing market dynamics, especially in China, the company has repurposed its plant to cease production of starter motors and shift focus towards manufacturing traction and suspension motors for electric vehicles. April 2024 marked the inauguration of a new manufacturing facility in Silao, Mexico, within the Fipasi Industrial Park. This expansion is aimed at catering to the North American market's increasing demand for high-quality driveline solutions for BEVs.
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