Latest News | Revenue Share from EV Segment to Touch 50 Pc by FY27: Sona Comstar MD
Get latest articles and stories on Latest News at LatestLY. Automotive Technology firm Sona Comstar expects its revenue share from the electric vehicle segment to touch 50 per cent by FY27, on strong pipeline of orders and an expanding EV market, a top company official said.
Mumbai, Aug 7 (PTI) Automotive Technology firm Sona Comstar expects its revenue share from the electric vehicle segment to touch 50 per cent by FY27, on strong pipeline of orders and an expanding EV market, a top company official said.
The revenue share of the company's EV segment in the overall topline jumped to 29 per cent in the June quarter from a meagre 2 per cent in FY20, Sona Comstar Managing director and Group CEO Vivek Vikram Singh said.
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"As much as 66 per cent of our overall order book pertains to the EV segment. So, it (EV segment revenue) should account for 45 per cent in the overall revenue for sure in the next 3-4 years," Singh told PTI.
Singh further said, if the electric two-wheeler segment takes off in India, the EV segment revenue would be higher.
"So, we will have to wait and see. If we win more programmes in the orderbook shape that will also help (us), then this share could reach 45-50 per cent by FY27," Singh said.
The company earlier this week reported a 5 per cent growth in profit after tax at Rs 75.80 crore and 18 per cent increase in the topline to at Rs 589.20 crore in the June quarter over the year-ago period aided by a 68 per cent rise in the Battery Electric Vehicles (BEV) revenue compared to Q1FY22.
The Gurugram-based company has two business verticals -- driveline and motor -- with 13 products. It has nine manufacturing facilities in four countries -- India, USA, China and Mexico -- as well as three R&D centres.
Its EV-focussed products include differential assemblies, reduction gears, traction motors, motor controllers, e-axles and integrated modules among others.
According to Singh the company has won a total of 13 new programmes -- six from EV customers and remaining seven from the non-EV applications during the June quarter.
Of the six EV programmes, three are significant ones which will drive diversified EV growth. This includes one programme from an Indian original equipment manufacturer (OEM) of electric and ICE (internal combustion engine
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)