Automotive technology firm Sona BLW Precision Forgings (Sona Comstar) on Thursday reported a Profit After Tax (PAT) of Rs 76 crore in the April-June quarter. The company said revenue during the quarter under review grew 18 per cent to Rs 589.20 crore, as compared to Rs 500 crore in the corresponding quarter of the last fiscal, on the back of a 68 per cent year-on-year growth in the Battery Electric Vehicle (BEV) business.
The BEV business accounted for 29 per cent in the overall top line, it said. "The global automotive markets remained challenging as light vehicle sales declined 17 per cent due to the supply side disruptions. Our revenue grew 18 per cent y-o-y in the first quarter, driven by the rapid scale-up of revenue from BEV programmes," said Vivek Vikram Singh, MD and Group CEO.
The Ebitda (Earnings before interest, taxes, depreciation and amortization) growth, however, was lower at 3 per cent due to further increase in the material and power costs during last quarter. "We are seeing margin pressure beginning to ease off during the current quarter, and we hope this reversal in inflation continues," Singh said.
The company said its net order book increased by 10 per cent to Rs 20,500 crore at the end of June 30, 2022 from Rs 18,600 crore as of March 31, 2022. Sona Comstar has bagged two new programmes from a European passenger vehicle maker to supply final drive differential assemblies for their upcoming EV models and the production is expected to commence in FY26.Besides, the company has also received an order from a domestic two-wheeler manufacturer to supply traction motors for their flagship electric scooter model, it said and added that production of these motors is likely to commence in this fiscal.