The company secured a new order worth INR 300 crores from an existing Indian OEM to supply differential assemblies for new electric passenger vehicles. Sona Comstar, a mobility technology company, announced its financial results for the third quarter and nine months ending December 31, 2024, showcasing growth in revenue and profits, driven by a significant increase in revenue from battery electric vehicles (BEVs). The company also highlighted key operational developments, including a new investment, a new product order, increased market share, and a technological breakthrough in radar sensor technology.
A significant driver of Sona Comstar’s growth is its increasing focus on the electric vehicle market. In Q3 FY25, revenue from BEVs reached INR 329 crores, a 48% Y-o-Y increase, contributing 39% to the total revenue. Over the nine months of FY25, BEV revenue grew by 52% Y-o-Y , accounting for 36% of the total revenue.
Sona Comstar reported a revenue of INR 868 crores for Q3 FY25, a 12% year-over-year increase. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) for Q3 FY25 was INR 234 crores, with a margin of 27%, representing a 3% Y-o-Y growth. Profit after tax (PAT) stood at INR 151 crores, with a net profit margin of 17.4% and a 14% Y-o-Y increase.
FY25 (Till December) revenue
For the nine months ended December 31, 2024 (9M FY25), Sona Comstar achieved a revenue of INR 2,686 crores, reflecting a 17% Y-o-Y growth. EBITDA for 9M FY25 reached INR 740 crores with a margin of 27.6% and a 13% Y-o-Y growth. PAT for the nine months was INR 437 crores, marking a 19% Y-o-Y increase with a net profit margin of 16.2%.
"In Q3 FY25, we achieved our highest-ever quarterly net profit, BEV revenue, and BEV revenue share. We have made significant progress on all our key strategic priorities. Our BEV revenue grew by 48% year-over-year, now representing 39% of our overall revenues. We secured a new program to supply differential assemblies for one of our existing customers' innovative EV models in India. Additionally, we received our second product order in the sensors and software vertical and successfully commercialized a new product, Zone Monitoring Sensors. We are also pleased to announce a major technological breakthrough in developing a 180-degree field of view using short-range radar sensors. Furthermore, we have increased our global market share in both differential gears and starter motors in 2024," stated Vivek Vikram Singh, MD and Group CEO.
Net order book
The company's net order book stands at INR 23,200 crores as of December 31, 2024, with EV programs contributing 76% to this figure. During Q3 FY25, Sona Comstar added one new EV program, increasing the total number of awarded programs to 57 across 32 customers.
Company's investment in ClearMotion
Sona Comstar announced an investment of USD 4.0 million in ClearMotion Inc., a software-defined chassis company. ClearMotion's technology focuses on proactive suspension and road sensing software to improve vehicle ride quality. The company operates from locations in Boston, USA, Birmingham, UK, and Shanghai, China.
The company secured a new order worth INR 300 crores from an existing Indian OEM to supply differential assemblies for new electric passenger vehicles. Production for this order is expected to commence in Q2 FY27.
According to Crisil estimates, Sona Comstar increased its global market share in differential gears from 8.1% to 8.8% in 2024. The company also expanded its global market share in starter motors from 4.2% to 4.4% during the same period.
