Results     24-Jan-25
Analysis
Sona BLW Precision Forgings
Sales up 11% and NP increased 13.93%
On consolidated basis

Quarter ended December 2024 compared with Quarter ended December 2023.

Net sales (including other operating income) of Sona BLW Precision Forgings has increased 11.01% to Rs 867.91 crore.  Operating profit margin has declined from 29.74% to 26.98%, leading to 0.71% rise in operating profit to Rs 234.17 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 41.45% to 43.84%.   Employee cost increased from 9.23% to 9.44%.   Other expenses fell from 19.98% to 19.62%.   

PBIDT rose 20.98% to Rs 281.02 crore.  Provision for interest fell 21.39% to Rs 5.77 crore.  

PBDT rose 22.36% to Rs 275.25 crore.  Provision for depreciation rose 19.03% to Rs 66.55 crore.  

Profit before tax grew 23.46% to Rs 208.70 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 52.29 crore, compared to Rs 35.44 crore.  Effective tax rate was 25.76% compared to 20.97%.

Net profit attributable to owners of the company increased 13.93% to Rs 151.19 crore.  

Promoters’ stake was 28.03% as of 31 December 2024 ,compared to 29.71% as of 31 December 2023 .  

For year-to-date (YTD) results analysis.

Net sales (including other operating income) of Sona BLW Precision Forgings has increased 16.54% to Rs 2681.27 crore.  

Operating profit margin has declined from 28.48% to 27.43%, leading to 12.27% rise in operating profit to Rs 735.48 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 43.70% to 43.43%.   Employee cost increased from 7.61% to 8.85%.   Other expenses fell from 20.59% to 20.22%.   

Other income rose 418.57% to Rs 79.6 crore.  PBIDT rose 21.57% to Rs 815.08 crore.  Provision for interest rose 33.57% to Rs 24.95 crore.  

PBDT rose 21.22% to Rs 790.13 crore.  Provision for depreciation rose 18.33% to Rs 189.77 crore.  

Profit before tax grew 22.17% to Rs 600.36 crore.  Share of profit/loss were nil in both the periods.  Extraordinary items were decreased to Rs -16.71 crore.  Provision for tax was expense of Rs 147.65 crore, compared to Rs 112.99 crore.  Effective tax rate was 25.30% compared to 23.41%.

Net profit attributable to owners of the company increased 18.58% to Rs 437.09 crore.  

Promoters’ stake was 28.03% as of 31 December 2024 ,compared to 29.71% as of 31 December 2023 .  


Full year results analysis.

Net sales (including other operating income) of Sona BLW Precision Forgings has increased 19.95% to Rs 3184.77 crore.  Operating profit margin has jumped from 25.43% to 28.33%, leading to 33.60% rise in operating profit to Rs 902.10 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 45.11% to 43.71%.   Employee cost increased from 6.90% to 7.78%.   Other expenses fell from 22.16% to 20.47%.   

Other income fell 25.52% to Rs 23.96 crore.  PBIDT rose 30.91% to Rs 926.06 crore.  Provision for interest rose 52.39% to Rs 25.8 crore.  Loan funds rose to Rs 412.13 crore as of 31 March 2024 from Rs 295.19 crore as of 31 March 2023.  Inventories rose to Rs 347.49 crore as of 31 March 2024 from Rs 322.94 crore as of 31 March 2023.  Sundry debtors were higher at Rs 648.26 crore as of 31 March 2024 compared to Rs 608.85 crore as of 31 March 2023.  Cash and bank balance rose to Rs 274.16 crore as of 31 March 2024 from Rs 69.84 crore as of 31 March 2023.  Investments declined from Rs 232.57 crore as of 31 March 2023 to Rs 41.68 crore as of 31 March 2024.  

PBDT rose 30.38% to Rs 900.26 crore.  Provision for depreciation rose 23.72% to Rs 220.23 crore.  Fixed assets increased to Rs 1,962.36 crore as of 31 March 2024 from Rs 1,502.94 crore as of 31 March 2023.  Intangible assets increased from Rs 175.81 crore to Rs 351.83 crore.  

Profit before tax grew 32.69% to Rs 680.03 crore.  Share of profit/loss were nil in both the periods.  Extraordinary items were decreased to Rs -8.72 crore.  Provision for tax was expense of Rs 153.53 crore, compared to Rs 113.81 crore.  Effective tax rate was 22.87% compared to 22.35%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 30.86% to Rs 517.27 crore.  

Equity capital increased from Rs 585.41 crore as of 31 March 2023 to Rs 586.45 crore as of 31 March 2024.  Per share face Value remained same at Rs 10.00.  

Promoters’ stake was 29.71% as of 31 March 2024 ,compared to 33.00% as of 31 March 2023 .  

Cash flow from operating activities increased to Rs 692.75 crore for year ended March 2024 from Rs 533.29 crore for year ended March 2023.  Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 319.53 crore, compared to Rs 335.24 crore during the year ended March 2023.  

Other Highlights

The Board approved and declared an interim dividend of Rs 1.60 per equity share of the company having face value of Rs 10 each for the financial year 2024-25. Record date for the purpose is Wednesday, 5th February, 2025.

EV programs contributes 76% to the net order book of Rs 23,200 crores as of Dec 30, 2024.

In Q3 FY25, Battery Electric Vehicles (BEV) revenue growth of 48% YoY. BEV Revenue share was 39%.

During 9M FY25, BEV revenue growth was 52% YoY.

In Q3 FY25, the company added one new EV program, bringing the total number of awarded programs to 57 across 32 customers. New order is from an existing customer to supply differential assemblies for their new electric passenger vehicles. This program has added Rs 300 crores to its order book. Production is likely to commence in Q2 FY27.

Sona Comstar’s board of directors has approved an investment of $4 million in ClearMotion Inc., the leading software-defined chassis company.

During 9M FY25, North America contributed 43% to total revenue, India 28%, Europe 23%, Asia 6% and ROW 0.4%.

During 9M FY25, PV contributed 72% to total revenue, CV 10%, non-automotive 8%, E2W/E3W 8% and Semiconductors & Embedded SW 1.5%.


Management Comments :
Mr Vivek Vikram Singh, MD & Group CEO said, "In Q3 FY25, we achieved our highest-ever quarterly net profit, BEV revenue, and BEV revenue share. We have made significant progress on all our key strategic priorities. Our BEV revenue grew by 48% year-over-year, now representing 39% of our overall revenues. We secured a new program to supply differential assemblies for one of our existing customers` innovative EV models in India. Additionally, we received our second product order in the sensors and software vertical and successfully commercialized a new product, Zone Monitoring Sensors. We are also pleased to announce a major technological breakthrough in developing a 180-degree field of view using short-range radar sensors. Furthermore, we have increased our global market share in both differential gears and starter motors in 2024."



Sona BLW Precision Forgings : Consolidated Results
 Quarter endedYear to DateYear ended
Particulars202412202312Var.(%)202412202312Var.(%)202403202303Var.(%)
Net Sales (including other operating income)867.91781.8011.012,681.272,300.6516.543,184.772,655.0119.95
OPM (%)26.9829.74-276 bps27.4328.48-105 bps28.3325.43289 bps
OP234.17232.530.71735.48655.1212.27902.10675.2433.60
Other Inc.46.85-0.24LP79.6015.35418.5723.9632.17-25.52
PBIDT281.02232.2920.98815.08670.4721.57926.06707.4130.91
Interest5.777.34-21.3924.9518.6833.5725.8016.9352.39
PBDT275.25224.9522.36790.13651.7921.22900.26690.4830.38
Depreciation66.5555.9119.03189.77160.3818.33220.2317823.72
PBT208.70169.0423.46600.36491.4122.17680.03512.4832.69
Share of Profit/(Loss) from Associates00-00-00-
PBT before EO208.7169.0423.46600.36491.4122.17680.03512.4832.69
EO Income-5.70--16.71-8.72-91.63-8.72-3.37-158.75
PBT after EO203169.0420.09583.65482.6920.92671.31509.1131.86
Taxation52.2935.4447.55147.65112.9930.68153.53113.8134.90
PAT150.71133.612.81436369.717.93517.78395.330.98
Minority Interest (MI)-0.480.89LP-1.091.11LP0.510-
Net profit151.19132.7113.93437.09368.5918.58517.27395.330.86
P/(L) from discontinued operations net of tax00-00-00-
Net profit after discontinued operations151.19132.7113.93437.09368.5918.58517.27395.330.86
EPS (Rs)*2.502.1417.137.246.0419.828.436.4031.68
* EPS is on current equity of Rs 621.44 crore, Face value of Rs 10, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database


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