Auto Parts & Equipment company Sona BLW Precision Forgings announced Q2FY24 & H1FY24 results:
- Q2FY24:
- Revenue of Rs 791 crore with 20% YoY growth
- Revenue share from Battery Electric Vehicles (BEV) at 27%, BEV revenue growth of 58% YoY
- EBITDA of Rs 223 crore with a margin of 28.2% and 35% YoY growth
- PAT of Rs 124 crore with a net profit margin of 15.7% and 34% YoY growth
- Adjusted PAT (before exceptional expenses) grew 39% YoY to Rs 128 crore with a margin of 16.2%
- EV programs contribute 78% to the net order book of Rs 22,100 crore as of September 30, 2023
- H1FY24:
- Revenue of Rs 1,523 crore with 22% YoY growth
- Revenue share from Battery Electric Vehicles (BEV) at 27%, BEV revenue growth of 33% YoY
- EBITDA of Rs 427 crore with an EBITDA margin of 28.0% and 38% YoY growth
- PAT of Rs 236 crore with a net profit margin of 15.5% and 40% YoY growth
- Adjusted PAT (before exceptional expenses) grew 44% YoY to Rs 242 crore with a margin of 15.9%
Vivek Vikram Singh, MD & Group CEO, commented, "We have made a significant change to our vision statement, widening our ambit to the broader mobility landscape from automotive. This expanded ambition will guide all our strategic choices hereon, beginning first with our product and technology roadmap. We have revamped our product and technology roadmap to reflect our plans to develop products for a mobility future that is EPIC - Electric, Personalised, Intelligent, and Connected. We have added seven new products to our roadmap across our three business divisions. In terms of financials, we achieved our highest revenue, EBITDA, and net profit. BEV revenue grew 58% YoY to Rs 207 crore, representing 27% of total revenue. EBITDA margin improved by 300 bps YoY to 28.2%, driving EBITDA growth of 35% and PAT growth of 34%. We continue to progress on all our key strategic priorities. With two new BEV program wins, our net order book grew to Rs 221bn, of which EVs contribute 78%. Last quarter, we won a new program to supply the rotor-embedded differential sub-assemblies from a North American new-age OEM of high-end electric cars. In addition, we won a new program to supply traction motors for electric three-wheelers from one of the largest Indian OEMs."