For
the quarter ending March 2024, consolidated Net sales (including other operating income) of Sona BLW Precision Forgings has increased 19.06% to Rs 884.13 crore compared to quarter ended March 2023. Operating profit margin has jumped from 26.93% to 27.93%, leading to 23.48% rise in operating profit to Rs 246.98 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 44.21% to 43.73%. Employee cost increased from 6.31% to 8.22%. Other expenses fell from 21.78% to 20.16%. Other income rose 45.93% to Rs 8.61 crore. PBIDT rose 24.13% to Rs 255.59 crore. Provision for interest rose 54.11% to Rs 7.12 crore. Loan funds rose to Rs 412.13 crore as of 31 March 2024 from Rs 295.19 crore as of 31 March 2023. Inventories rose to Rs 347.49 crore as of 31 March 2024 from Rs 322.94 crore as of 31 March 2023. Sundry debtors were higher at Rs 648.26 crore as of 31 March 2024 compared to Rs 608.85 crore as of 31 March 2023. Cash and bank balance rose to Rs 274.16 crore as of 31 March 2024 from Rs 69.84 crore as of 31 March 2023. Investments declined from Rs 232.57 crore as of 31 March 2023 to Rs 41.68 crore as of 31 March 2024.
PBDT rose 23.44% to Rs 248.47 crore. Provision for depreciation rose 24.43% to Rs 59.85 crore. Fixed assets increased to Rs 1,962.36 crore as of 31 March 2024 from Rs 1,502.94 crore as of 31 March 2023. Intangible assets increased from Rs 175.81 crore to Rs 351.83 crore.
Profit before tax grew 23.13% to Rs 188.62 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 40.54 crore, compared to Rs 30.01 crore. Effective tax rate was 21.49% compared to 20.03%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 24.10% to Rs 148.68 crore. Equity capital increased from Rs 585.41 crore as of 31 March 2023 to Rs 586.45 crore as of 31 March 2024. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 29.71% as of 31 March 2024 ,compared to 33.00% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Sona BLW Precision Forgings has increased 19.95% to Rs 3184.77 crore. Operating profit margin has jumped from 25.43% to 28.33%, leading to 33.60% rise in operating profit to Rs 902.10 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 45.11% to 43.71%. Employee cost increased from 6.90% to 7.78%. Other expenses fell from 22.16% to 20.47%. Other income fell 25.52% to Rs 23.96 crore. PBIDT rose 30.91% to Rs 926.06 crore. Provision for interest rose 52.39% to Rs 25.8 crore. Loan funds rose to Rs 412.13 crore as of 31 March 2024 from Rs 295.19 crore as of 31 March 2023. Inventories rose to Rs 347.49 crore as of 31 March 2024 from Rs 322.94 crore as of 31 March 2023. Sundry debtors were higher at Rs 648.26 crore as of 31 March 2024 compared to Rs 608.85 crore as of 31 March 2023. Cash and bank balance rose to Rs 274.16 crore as of 31 March 2024 from Rs 69.84 crore as of 31 March 2023. Investments declined from Rs 232.57 crore as of 31 March 2023 to Rs 41.68 crore as of 31 March 2024.
PBDT rose 30.38% to Rs 900.26 crore. Provision for depreciation rose 23.72% to Rs 220.23 crore. Fixed assets increased to Rs 1,962.36 crore as of 31 March 2024 from Rs 1,502.94 crore as of 31 March 2023. Intangible assets increased from Rs 175.81 crore to Rs 351.83 crore.
Profit before tax grew 32.69% to Rs 680.03 crore. Share of profit/loss were nil in both the periods. Extraordinary items were decreased to Rs -8.72 crore. Provision for tax was expense of Rs 153.53 crore, compared to Rs 113.81 crore. Effective tax rate was 22.87% compared to 22.35%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 30.86% to Rs 517.27 crore.
Equity capital increased from Rs 585.41 crore as of 31 March 2023 to Rs 586.45 crore as of 31 March 2024. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 29.71% as of 31 March 2024 ,compared to 33.00% as of 31 March 2023 .
Cash flow from operating activities increased to Rs 692.75 crore for year ended March 2024 from Rs 533.29 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 319.53 crore, compared to Rs 335.24 crore during the year ended March 2023.
Other Highlights
Board declared final dividend of Rs 1.53
per equity share of the Company having face value of Rs 10 each for the
financial year 2023-24. The Board has fixed Friday, 14 June 2024, as the
Record Date.
The Company has approved investment into a
special purpose vehicle (SPY), to be incorporated by Cleantech Solar India OA 2
Pte (Cleantech), as developer, for the purpose of setting up a group captive
solar power project for the Chennai facility of the Company. The SPY will be
funded partly by equity and partly by debt capital. The Company will Invest Rs
8.3 million approx. for acquiring 26% in the form of the equity share capital
of the SPY and remaining 74% of the equity share capital will be acquired by
the Cleantech.
EVs programs contribute 79% to the net
order book of Rs 22,600 crore as of March 31, 2024.
In Q4 FY24, Revenue share from Battery
Electric Vehicles (BEV) stood at 32%. BEV revenue grew 34% YoY. In FY24, Revenue
share from BEV stood at 29% and BEV revenue grew 32% YoY.
In FY24, the company won 39 new program and
added five new customers.
On April 19, 2024, Sona Comstar inaugurated
its new manufacturing plant in Fipasi Industrial Park, Silao, Mexico. This
strategic expansion underscores the company’s commitment to meeting the growing
demand for high-quality driveline solutions for BEVs in North America.
In FY24, North America contributed 40% to
total revenue, India 28%, Europe 26%, Asia 5% and ROW 1%.
In FY24, PV contributed 70% to total
revenue, CV 14%, non-automotive 10%, E2W/E3W 5% and Semiconductors &
Embedded SW 1%.