Auto component maker Sona BLW Precision Forgings Ltd on Wednesday (October 25) reported its highest-ever revenue, EBITDA, and net profit, in the second quarter of FY24.

The company reported a 34.1% year-on-year (YoY) jump in net profit at ₹124 crore for the second quarter that ended September 30, 2023. In the corresponding quarter last year, Sona BLW Precision Forgings posted a net profit of ₹93 crore, the company said in a regulatory filing.

In the quarter, the total revenue stood at ₹787.4 crore, up 20.62% from ₹652.9 crore in the corresponding period of the preceding fiscal.

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In Q2, Sona BLW recorded a substantial increase in its Battery Electric Vehicle (BEV) related revenue, which accounted for 27% of its total revenue. Notably, the company achieved 58% year-on-year growth in its BEV revenue. The company reported an EBITDA of ₹223 crore and a healthy margin of 28.2%. This represents a 35% year-on-year growth.

Profit After Tax (PAT) for the quarter reached ₹124 crore, resulting in a net profit margin of 15.7%. This figure reflects a substantial 34% year-on-year growth. When adjusting for exceptional expenses, the adjusted PAT grew 39% year-on-year, reaching Rs 128 crore, with a margin of 16.2%.

Sona BLW's focus on electric vehicles is evident in the composition of its net order book, with EV programmes contributing a substantial 78% to the total order book, which stands at ₹22,100 crore as of September 30, 2023.

In addition, Sona BLW has been actively expanding its EV programmes, adding six, as well as two new customers, in the first half of the 2023-24 fiscal. This growth has increased the total number of awarded programmes to 48, spread across 28 different customers.

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Vivek Vikram Singh, MD, and Group CEO said, "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."

The results came after the close of the market hours. Shares of Sona BLW Precision Forgings Ltd ended at ₹512.75, up by ₹3.60, or 0.71%, on the BSE.