Sona BLW Precision Forgings has announced that it registered a 39% YoY revenue growth in Q3FY23 to INR 685 crore.
A press release from the company noted that 26% of revenue share came from Battery Electric Vehicles (BEV) business, which grew by 29% YoY.
Since April 2022, the company has generated revenue of INR 1,932 crore, representing a 22% YoY growth with a 25% revenue share from BEV business, making it 31% higher than that of last year.
The company noted that a global EV OEM has awarded the company a new programme to supply Electronic Differential Lock (EDL) for their upcoming BEV model.
This programme has added INR 3,350 crore to its order book and is the single largest new order win in the company's history. The programme's start of production is in H2FY24.
Furthermore, the company was awarded a new programme for a US-European PV and EV OEM to supply differential assemblies for their upcoming BEV model. To begin production in H2 FY24, this programme has increased the company's order book by INR 360 crore.
Vivek Vikram Singh, MD & Group CEO, noted that the company delivered its highest quarterly revenue, EBITDA and net profit in Q3FY23.
“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,' he added.