Sona BLW Precision Forgings Ltd. (Sona Comstar), has announced its financial results for the quarter and year ended March 31st, 2024.
Vivek Vikram Singh, MD & Group CEO, commented: “We achieved our highest quarterly revenue, EBITDA and net profit in Q4 FY24. BEV revenue grew 34% y-o-y, led by strong EV differential assembly sales growth, and BEV revenue share increased to the highest ever, 32%. EBITDA margin improved by 180 bps y-o-y to 28.0%, driving EBITDA and PAT growth of 23% and 24%. We closed FY24 with a strong order book, which gives us the confidence to sustain growth momentum in FY25 and beyond. We continue to build on our EV order book, and in Q4, we added one new EV program to supply differential assemblies to an existing customer in North America. Overall, we added 12 new EV programs and four new EV customers during the year, further growing and diversifying our EV order book.”
Sona Comstar has announced the appointment of Praveen Chakrapani Rao as its new Chief Technology Officer, effective from November 1st, 2024. Rao, who previously served as the President and Head of Motor Business R&D, has been groomed for this role by Deshmukh himself. With 24 years of experience within the company, Rao initially joined Visteon India’s motor business, which later merged into Comstar and then into Sona Comstar.
In response to the increasing penetration of electric vehicles (EVs) and the declining demand for internal combustion vehicles in China, Sona Comstar has decided to repurpose its plant in the region. Consequently, the production of starter motors will cease, while the focus will shift towards manufacturing other types of motors such as traction motors and suspension motors.
Moreover, on April 19th, 2024, Sona Comstar inaugurated its new manufacturing facility in Fipasi Industrial Park, Silao, Mexico. This strategic move underscores the company’s commitment to meeting the rising demand for high-quality driveline solutions for Battery Electric Vehicles (BEVs) in North America. As the mobility landscape undergoes a profound transformation, Sona Comstar reaffirms its position as a leader in electrification through strategic expansions and investments in research and development. The company is dedicated to pioneering innovative solutions that seamlessly align with this dynamic future.
