Revenue share from Battery Electric Vehicles (BEV) at 27%, BEV revenue growth of 58% YoY

EBITDA jumped 35% year on year to Rs 223.3 crore in quarter ended 30 september 2023. EBITDA margin improved to 28.2% in Q2 FY24 as against 25.2% registered in Q2 FY23.

As on 30 September 2023, EV programs contribute 78% to the net order book of Rs 22,100 crore.

On half year basis, the company's net profit jumped 40.09% YoY to Rs 235.88 on 22.76% surged in revenue from operations to Rs 1,518.84 crore in H1 FY24 over H1 FY23.

Vivek Vikram Singh, MD & Group CEO, said that "We have made a significant change to our vision statement, widening our ambit to the broader mobility landscape from automotive. This expanded ambition will guide all our strategic choices hereon, beginning first with our product and technology roadmap. 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.

In terms of financials, we achieved our highest revenue, EBITDA and net profit. BEV revenue grew 58% y-o-y to Rs 207 crores, representing 27% of total revenue. EBITDA margin improved by 300 bps y-o-y to 28.2%, driving EBITDA growth of 35% and PAT growth of 34%. We continue to progress on all our key strategic priorities. With two new BEV program wins, our net order book grew to Rs. 221bn, of which EVs contribute 78%. Last quarter, we won a new program to supply the rotor-embedded differential sub-assemblies from a North American new-age OEM of high-end electric cars. In addition, we won a new program to supply traction motors for electric three-wheelers from one of the largest Indian OEMs."

Meanwhile, the company's board has approved the incorporation of one or more special purpose vehicle (SPV), The SPV will be funded partly by equity and partly by debt capital. The company will invest Rs 7.5 crore approximately. for acquiring 26% in the form of the equity share capital of the SPV and remaining 74% of the equity share capital will be acquired by the Clean Max Enviro Energy Solutions (developer).

Sona BLW Precision Forgings is one of the world's leading automotive technology companies. The company has emerged as a global supplier with nine manufacturing and assembly facilities across India, USA, Mexico and China. It is primarily engaged in designing, manufacturing and supplying highly engineered, mission-critical automotive systems and components to automotive OEMs.