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IDBI Capital Report
Sona BLW Precision Forgings Ltd.'s Q2 FY23 financials were above with our estimates. Sales growth was relatively soft primarily on account of decline in its key markets (European and China passenger vehicle market).
During the first half the company bagged the major electric vehicle order for supplying traction motors to Indian electric two-wheeler original equipment manufacturer.
It booked one new EV programs during the quarter. Its order book remain flat on QoQ at Rs 205 billion (9.6 times FY22 sales).
We believe Sona Comstar is likely to be one of fastest growing India based auto ancillary company with 34% profit after tax compound annual growth rate over FY22-24E and having significant exposure to EV segment.
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