Auto Parts & Equipment company Sona BLW Precision Forgings announced Q1FY24 results: Revenue of Rs 732 crore with 24% YoY growth Revenue share from Battery Electric Vehicles (BEV) at 26%, BEV revenue growth of 13% YoY EBITDA of Rs 203 crore with a margin of 27.8% and 43% YoY growth PAT of Rs 112 crore with a net profit margin of 15.3% and 48% YoY growth EVs programs contribute 78% to the net order book of Rs 22,000 crore as of June 30th, 2023 Vivek Vikram Singh, MD & Group CEO, commented: "We achieved our highest-ever quarterly EBITDA in Q1FY24. Our revenue grew 24% YoY, driven mainly by the scale-up of the new customer programs. The reduction in FAME-II subsidies has resulted in lower production by the electric two-wheelers industry, thus impacting our traction motor sales. Despite this, our BEV revenue grew 13% YoY, representing 26% of overall revenues. EBITDA margin improved by 360 bps YoY to 27.8%, driving EBITDA growth of 43% and PAT growth of 48%. We have continued to progress on all our key strategic priorities. With four new BEV program wins, our net order book grew to Rs 22,000 crore, of which EVs contribute 78%. Last quarter, we won a new program to supply the hub wheel traction motor for electric scooters from an Indian OEM of Electric and ICE two-wheeleRs In addition, we won a new program to supply the differential assembly for electric Class 5 trucks from a North American OEM of electric CVs. We entered a new mobility segment by winning a new program from a global OEM to supply final drive differential assemblies for recreational off-highway vehicles (OHVs). We have made substantial progress on our technology roadmap by partnering with a road-tested technology partner in Equipmake to enter the high-voltage motor and inverter space." Result PDF
Conference Call with Sona BLW Precision Forgings Ltd. Management and Analysts on Q1FY24 Performance and Outlook. Listen to the full earnings transcript. Management in attendance: Vivek Vikram Singh and senior team