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Business News/ Markets / Mark To Market/  Sona Comstar gains 17% after strong Jun qtr performance
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Sona Comstar gains 17% after strong Jun qtr performance

The shares of auto parts maker Sona Blw Precision Forgings Ltd (Sona Comstar) gained 17% after it posted a consolidated net profit of ₹82 crore for the June quarter against a net loss of ₹4.6 lakh in the year-ago period

Sona Comstar gains 17% after strong Jun qtr performancePremium
Sona Comstar gains 17% after strong Jun qtr performance

The shares of auto parts maker Sona Blw Precision Forgings Ltd (Sona Comstar) gained 17% after it posted a consolidated net profit of 82 crore for the June quarter against a net loss of 4.6 lakh in the year-ago period.

This is Sona Comstar’s first announcement of quarterly results as a listed entity. It gained 36.70% from around 60 crore in the fourth quarter of the last fiscal year. However, revenue from operations during the quarter declined by 7% to 501 crore from 539 crore in the January-March quarter.

“Electric vehicle (EV) share of revenue increased six percentage points to 20% during the June quarter. The net order book stands at 14,000 crore with 57% of orders from battery electric vehicle (BEVs)," JM Financial said in a note to its clients.

“The management highlighted that chip shortage is likely to last 12 to 18 months, but its revenue growth is likely to be supported by new order wins. Commodity cost is passed on with a lag of two to six months and long-term Ebitda margin is expected to remain in the range of 26 to 28%. Diversified revenue, increasing contribution from EVs, and a strong order book and financial metrics make Sona Comstar one of the best plays in the EV space," it said.

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Published: 09 Aug 2021, 11:32 PM IST
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