Sona BLW Precision Q1 net profit up 47 pc to Rs 112 crore

Auto component maker Sona BLW Precision Forgings on Thursday said its consolidated net profit increased by 47 per cent to Rs 112 crore in the June quarter.

The company had posted a net profit of Rs 76 crore in the April-June period of the last fiscal.

Revenue from operations rose to Rs 731 crore in the first quarter of the current fiscal as against Rs 584 crore in the year-ago period, Sona BLW Precision Forgings, also known as Sona Comstar, said in a regulatory filing.

The company's board, which met on Thursday, approved an investment of Rs 99.7 crore for capacity expansion of its Chennai plant from 4 lakh to 6 lakh electric vehicle traction motors.

It also decided to add a new capacity of 5 lakh units of printed circuit board assembly by 2024-2025.

''We have continued to progress on all our key strategic priorities. With four new BEV (battery Electric Vehicle) program wins, our net order book grew to Rs 22,000 crore, of which EVs contributed 78 per cent,'' Sona Comstar Managing Director & Group Chief Executive Officer Vivek Vikram Singh said.

Shares of the company declined nearly 1 per cent to close at Rs 591.60 apiece on the BSE.

 

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