Sona Blw Precision Forgings receives certification under PLI scheme, stock trades in green

Sona Comstar received the certification on Tuesday, it said.

The company is involved in the design, manufacturing, and supply of highly engineered, mission-critical automotive systems and components to automotive original equipment manufacturers (OEMs). It also supplies driveline and traction motor solutions to the electric vehicle (EV) market.

During the fourth quarter of fiscal year 2024, Sona Comstar reported a 24% year-on-year (YoY) growth in its net profit at ₹149 crore. Revenue rose 19% YoY to ₹885 crore while earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 23% YoY to ₹248 crore. Battery Electric Vehicles (BEV) revenue grew 34% YoY to ₹273 crore in Q4 FY24, contributing 32% to the total revenue.

For the full fiscal year 2024, the company reported a 31% YoY growth in its net profit at ₹517 crore. Revenue grew 19% YoY to ₹3,185 crore while EBITDA rose 30% YoY to ₹902 crore. Revenue from BEV grew 32% YoY to ₹885 crore in FY24 and contributed 29% to the total revenue. In April 2024, Sona Comstar inaugurated its new manufacturing plant in Fipasi Industrial Park, Mexico.

Vivek Vikram Singh, MD and Group CEO at Sona Comstar said the firm closed FY24 with a strong order book and remains confident in sustaining 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,” he said.

Shares of the company have traded flat since the beginning of the year. The stock has gained over 23% in the last one year.