Shares of Sona BLW Precision Auto Ltd. saw a notable increase of over three percent during the morning session on June 19. This surge followed an announcement from the company that it had received certification from the Ministry of Heavy Industries under the Production-Linked Incentive (PLI) scheme.
In a filing to the stock exchanges, Sona BLW Precision stated that it had obtained certification for its traction motor designed for electric three-wheelers, as part of the PLI scheme dedicated to the Automobile and Auto Component industry (“PLI-Auto”) by the Ministry of Heavy Industries.
As of 11:15 am on the NSE, Sona BLW Precision’s stock was trading at Rs 646.45, marking an increase of 0.8 percent compared to the previous day’s closing price.
The company’s performance in the January-March quarter showcased a 19 percent year-on-year growth in revenue, amounting to Rs 885 crore. Notably, 32 percent of this revenue was attributed to battery electric vehicles (BEV), which saw a robust 34 percent year-on-year increase.
Profit after tax for Sona BLW Precision stood at Rs 149 crore, with the electric vehicle (EV) segment contributing significantly, accounting for 79 percent of the net order book valued at Rs 22,600 crore.
Looking ahead, the company expressed confidence in sustaining its growth momentum into FY25 and beyond, emphasizing the strength of its order book. Throughout the fiscal year, Sona BLW Precision expanded its EV customer base, adding four new clients in the fourth quarter alone.
Over the past year, the company’s shares have appreciated by approximately 23.5 percent, outperforming the broader Nifty 50 index, which saw a gain of 25 percent during the same period.
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