1. Sona BLW rises 2% on robust Q3 results

Sona BLW rises 2% on robust Q3 results

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2 min read • Updated: January 24, 2024, 1:54 PM

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Summary

The company reported its highest-ever quarterly net profit of ₹133 crore in the December quarter.

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The revenue from Battery Electric Vehicle (BEV) segment grew 28% year-on-year.

Shares of the auto ancillary company – Sona BLW – are trading 2% higher.

This comes a day after it reported robust Q3 results. The company reported its highest-ever quarterly net profit of ₹133 crore. This was aided by a 13% increase in revenue to ₹777 crore.

The revenue from Battery Electric Vehicle (BEV) segment grew 28% year-on-year to ₹222 crores in Q3 FY24, contributing 30% of total revenue. The company added five new EV programs and two new EV customers in Q3 FY24.

The net order book also increased to a record of ₹24,000 crore in December 2023 from ₹21,000 crore in March 2023.

“The last quarter was one of our best quarters for business development. With five new BEV (Battery Electric Vehicle) program wins, we closed last quarter with an all-time high net order book,” said the management. It added that three of the new BEV programs won are for three innovative and unique powertrain solutions.

The management is confident about its BEV business’ future prospects. “From where we stand today and what we see, based on customer schedules and our strong order book, we are certain that electrification will continue to drive strong growth for us in the immediate, medium, and long term,” said the management.