Auto-component maker Sona BLW Precision Forgings Ltd (Sona Comstar) on Thursday reported a 47.8 percent year-on-year (YoY) jump in net profit at Rs 112 crore for the first quarter that ended June 30, 2023.

In the corresponding quarter last year, Sona Comstar posted a net profit of Rs 75.8 crore, the company said in a regulatory filing.

In the quarter, the total revenue stood at Rs 731.3 crore during the period under review, up 25.2 percent against Rs 584.2 crore in the corresponding period of the preceding fiscal.

The revenue from battery electric vehicles (BEV) grew 13 percent year-on-year to Rs 184 crore in the first quarter of FY24 and contributed 26 percent of the total revenue. The company added four new EV programmes and one new customer in the first quarter of FY24.

Vivek Vikram Singh, managing director, and group CEO, said the company achieved the highest-ever quarterly EBITDA in Q1 FY24. The revenue grew 24 percent year-on-year, driven mainly by the scale-up of the new customer programmes. The reduction in FAME-II subsidies has resulted in lower production by the electric two-wheelers industry, thus impacting our traction motor sales.

Also, EBITDA margin improved by 360 bps year-on-year to 27.8 percent, driving EBITDA growth of 43 percent and PAT growth of 48 percent. With four new BEV programme wins, the company's net order book grew to Rs 22,000 crore, of which EVs contribute 78 percent, Singh said.

Last quarter, the company won a new programme to supply the hub wheel traction motor for electric scooters from an Indian OEM of electric and ICE two-wheelers. In addition, Sona BLW Precision won a new programme to supply the differential assembly for electric Class 5 trucks from a North American OEM of electric CVs, he added.

The results came after the close of the market hours. Shares of Sona BLW Precision Forgings Ltd ended at Rs 591.60, down by Rs 5.65, or 0.95 percent on the BSE.

First Published:Jul 27, 2023 6:58 PM IST