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ICICI Securities Report
We initiate coverage on Sona BLW Precision Forgings Ltd. on a positive note premised on the following aspects-
ability to identify products that would add to return on capital employed and growth;
its quest for innovative products with lower costing but uncompromised quality, which would help reduce cost for customers, and improve its own margins (magnetless motors are an example of such a product);
using its own proven capabilities efficiently for further innovation (e.g. active suspension system);
ability to deliver 25% plus Ebitda margin despite spending ~3% of revenue on research and development (revenue size: ~Rs 20 billion);
Sona BLW's sustained efforts to extend the portfolio to large electric vehicle makers and grow with them in addition to focusing on capturing domestic e-two-wheeler opportunity.
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