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Motilal Oswal Report
Sona BLW Precision Forgings Ltd.'s Q4 FY23 revenue/Ebitda/profit after tax beat our estimates, driven by a healthy execution of the order book. Ebitda margin was in line at 27.1% (down 10 basis points QoQ).
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Sona Comstar has won a new order worth Rs 5 billion from a North America-based new-age original equipment manufacturer for their electric Class-4 trucks with start of production from Q4 FY24. As a result, the order book stands at Rs 215 billion (~77% electric vehicle).
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We increase our FY24E/25E EPS by ~4.5%/6.4% to factor in a healthy order book execution, a ramp-up in new orders in FY25 and operating leverage.
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