Sona BLW posts highest quarterly revenue, EBITDA and net profit led by strong EV segment show

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Sona BLW Precision Forgings Ltd (Sona Comstar) announced a robust set of financial results for the quarter and year ended March 31, 2024, on Tuesday, April 30. The automotive tech major’s revenue in the January-March quarter rose 19% on a year-on-year (YoY) basis to ₹885 crore.

A substantive 32% share of this revenue, came from battery electric vehicles (BEV), with BEV revenue experiencing a strong 34% YoY jump.

Sona BLW’s EBITDA came in at ₹248 crore with a margin of 28.0% and a sharp 23% YoY growth. The auto ancillary major’s profit after tax (PAT) stood at ₹149 crores with a net profit margin of 16.7% and growing 24% YoY.

Electric Vehicles (EVs) programs contributed a significant 79% to the net order book, which totaled ₹22,600 crores as of March 31, 2024, highlighting the company’s strong positioning and growth trajectory in the rising segment.

Sona BLW annual financial results

For the full financial year, Sona BLW posted a revenue of ₹3,185 crore, riding on strong 19% YoY growth. Revenue from BEV accounted for 29% of the total revenue and saw a 32% YoY growth.

Sona BLW’s EBITDA reached ₹902 crore with a strong margin of 28.3%, while the profit after tax (PAT) jumped 31% YoY to ₹517 crore with a net profit margin of 16.3%.

Sona BLW’s net order book stands at ₹22,600 crore in FY2023-24, compared to ₹21,500 crore in the preceding financial year.

What Sona BLW management said on results

Commenting on the quarterly and annual financial performance, Sona BLW’s MD and Group CEO Vivek Vikram Singh said, “We achieved our highest quarterly revenue, EBITDA and net profit in Q4 FY24… We closed FY24 with a strong order book, which gives us the confidence to sustain growth momentum in FY25 and beyond. We continue to build on our EV order book, and in Q4, we added one new EV program to supply differential assemblies to an existing customer in North America. Overall, we added 12 new EV programs and four new EV customers during the year, further growing and diversifying our EV order book.”

Sona BLW dividend

The Board of Sona BLW also recommended the final dividend of ₹1.53 per equity share of the Company having face value of ₹10 each for the financial year 2023-24 to the shareholders of the Company. The Board has fixed June 14 as the record date for determining the eligible shareholders and the dividend will be paid on or before 30 days once approved at the 28th AGM of the company.

Sona Comstar’s new CTO

The company also informed that its Group Chief Technology Officer (CTO), Kiran Deshmukh, has decided to retire after nearly four decades with the Sona Group and the last eight years with the company. He will continue until October 31, 2024, to guide the organisation through the transition period.

Sona Comstar has appointed Praveen Chakrapani Rao as the new CTO, effective November 1, 2024.

It also informed exchanges that a new manufacturing plant in Fipasi Industrial Park, Silao, Mexico was recently inaugurated on April 19, 2024.

Sona Comstar was founded in 1995 and is headquartered in Gurugram, India.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow