Sona Comstar has closed FY23 with revenues of INR 2,676 crore, representing a 26% YOY growth. In Q4, the company reported INR 744 crore, a 35% jump over Q4FY22 revenues.
Interestingly, the revenues from the BEV business for the group were up by 35% YoY to INR 671 crore in FY23, contributing to 26% of the total revenue. During the last quarter of the fiscal, the revenues from the BEV business were INR 204 crore, representing a 28% share of Q4FY23 revenue.
A press release from the company noted that EVs programmes contribute 77% to the net order book of INR 21,500 crore as of March 31, 2023.
Vivek Vikram Singh, MD & Group CEO, said the group achieved its highest quarterly revenue, EBITDA and net profit in Q4 FY23. The component maker has made substantial progress on its technology roadmap by developing four new products in FY23, he added.
Last quarter, the company won a new programme from a North American electric CV maker for final drive differential assemblies, intermediate gears, and input shafts for its electric class four truck, adding INR 501 crore to its order book.
“This win demonstrates our ability to keep adding new and higher-value-added products for our customers. On the ESG front, we made credible progress by developing and implementing an innovative solution in our forging plant at Gurgaon that helps us recycle and save around 12,000 litres of water per day,” Singh added.
The group recently inaugurated its new plant in Chakan, Pune, spread across 10 acres. The plant manufactures driveline products for EV and non-EV applications and serves customers in India and globally, and leverages cutting-edge technologies, ensuring high levels of quality and precision in the manufacturing process. It will be critical in scaling up capacities to fulfil the company's large order book.
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