Gurugram, India, May 4th, 2023: Sona BLW Precision Forgings Ltd. (Sona Comstar), a leading automotive technology company providing mission-critical systems and components for electrified and non-electrified powertrain segments, today announced its financial results for the quarter and year ended March 31st, 2023.
Key Financial Highlights – Q4 FY23
- Revenue of Rs. 744 crores with 35% YoY growth
- Revenue share from Battery Electric Vehicles (BEV) at 28%, BEV revenue growth of 37% YoY
- EBITDA of Rs. 201 crores with a margin of 27.1% and 49% YoY growth
- PAT of Rs. 120 crores with a net profit margin of 16.1% and 54% YoY growth
- EVs programs contribute 77% to the net order book* of Rs. 21,500 crores as of March 31st, 2023
Key Financial Highlights – FY23
- Revenue of Rs. 2,676 crores with 26% YoY growth
- Revenue share from Battery Electric Vehicles (BEV) at 26%, BEV revenue growth of 33% YoY
- EBITDA of Rs. 696 crores with an EBITDA margin of 26.0% and 25% YoY growth
- PAT of Rs. 395 crores with a net profit margin of 14.8% and 28% YoY growth
- The net order book* increased to Rs. 21,500 crores from Rs. 18,600 crores as of March 31st, 2022
Management Comment
Mr Vivek Vikram Singh, MD & Group CEO, commented: “We achieved our highest quarterly revenue, EBITDA and net profit in Q4 FY23. BEV revenue grew 37% y-o-y to cross Rs 200 crores, representing 28% of overall revenues. We closed FY23 with a strong order book, which gives us the confidence to sustain growth momentum in FY24 and beyond. We have made substantial progress on our technology roadmap by developing four new products in FY23. Last quarter, we won a new program from a North American OEM of electric CVs, which is a big step forward for us in business development and technology. We will supply the final drive differential assembly, intermediate gears and input shafts for electric Class 4 CV. 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.”
Operational Highlights – Q4 FY23 and FY23
Key Developments:
- A North American New Age OEM has awarded the company a program to supply Final Drive Differential assemblies, Intermediate Gears, and Input shafts for their upcoming Electric Class 4 truck. This program has added Rs 501 crores to our order book, and the start of production is in H2 FY24.
- The company developed and won new orders for four new products – Electronic Differential Lock (EDL), Intermediate Gears, Input shafts and Spiral Bevel Gears – in FY23.
Electrification:
- BEV Revenue Share: Revenue from BEV grew 33% YoY to Rs. 671 crores in FY23 and contributed 26% to total revenue. BEV revenue grew 37% YoY to Rs. 204 crores in Q4 FY23, contributing 28% to total revenue.
- EV programs: we added twelve new EV programs and seven new EV customers in FY23. The number of awarded programs increased to 42 across 26 different customers.
Other development:
- On April 10th, 2023, Sona Comstar inaugurated its second-largest manufacturing plant in Chakan, Pune. This plant manufactures driveline products for EV and non-EV applications and serves customers in India and globally. The plant leverages cutting-edge technologies ensuring the highest 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.