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Hot Pursuit
18-Sep-23
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Sona BLW Precision slips as strike threatens supply chain to US OEMs
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Sona BLW Precision Forgings fell 1.12% to Rs 592.30 after the company said it faces potential sales impact as United Auto Workers initiate strike at select plants of three OEMs in the United States.
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Sona BLW Precision Forgings announced that the United Auto Workers (UAW) has initiated a strike at select plants of three Original Equipment Manufacturers (OEMs) in the United States on 15 September 2023. Sona BLW supplies these three OEMs directly or indirectly. While there is currently minimal impact on Sona BLW's sales, the potential for a greater impact exists if the strike continues or spreads to other plants. The situation is being closely monitored, the company added.
Sona BLW Precision Forgings specializes in developing mechanical and electrical hardware systems, software solutions, and lightweight designs to meet the evolving demands of customers, specifically in the electric vehicle (EV) industry. With a focus on high power density EV systems, Sona BLW aims to enhance vehicle range, acceleration, and efficiency while meeting durability and performance requirements. The company invests in research and development to deliver innovative systems and components, with a focus on weight reduction and powertrain integration to provide customers with a complete solution.
On a consolidated basis, net profit of Sona BLW Precision Forgings rose 47.73% to Rs 112.04 crore on 25.18% increase in net sales to Rs 731.38 crore in Q1 June 2023 over Q1 June 2022.
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