Auto component maker Sona BLW Precision Forgings, also known as Sona Comstar, reported a significant surge in its consolidated net profit for the June quarter, registering a remarkable 47% increase to reach Rs 112 crore from Rs 76 crore recorded during the same April-June period in the previous fiscal year.
The company’s revenue from operations also witnessed significant growth, climbing to Rs 731 crore in the current fiscal’s first quarter, from Rs 584 crore in the corresponding period last year.
The company also decided to invest Rs 99.7 crore for expansion of its Chennai plant’s capacity, specifically increasing the production of electric vehicle traction motors from 4 lakh units to 6 lakh units. Furthermore, the board decided to introduce an additional capacity of 5 lakh units of printed circuit board assembly by the fiscal year 2024-2025.
This company has been playing a crucial role as prime ancillary player of EV industry.
The management of the company, expressed satisfaction with the progress made on their key strategic priorities. The company achieved four new Battery Electric Vehicle (BEV) program wins, leading to a remarkable net order book growth of Rs 22,000 crore, with EVs contributing significantly at 78% to this overall value.
The shares of the company closed at Rs.565.10, 4.47% lower than previous day’s close on NSE on Friday.
