Sona Comstar, an automotive technology firm, expects to reach 50% in its revenue share from the electric vehicles segment by FY27. This is due to a strong pipeline and a growing EV market.
Sona Comstar CEO Vivek Vikram, who is also the Managing director, said that the revenue share for the company’s electric vehicle segment in the overall topline rose to 29% in the June quarter from just 2% in FY20.
“As high as 66% of the overall order book is devoted to the EV Segment. Singh explained that EV segment revenue should be 45% of the overall revenue within the next three-four years.
Singh stated that if India’s electric two-wheeler segment is successful, the EV segment revenue will be greater.
“We will just have to wait and watch. Singh stated that if we win more programs in the order books, this will also help (us), and then this share could reach 45-50% by FY27.”
This week, the company reported a 5% increase in profit after taxes to Rs 75.80 crore. The June quarter saw an 18% increase to Rs 589.20 crore. This was due to a 68% rise in Battery Electric Vehicles (BEVs) revenue over Q1FY22.
The Gurugram-based business has two business verticals, driveline and motor. It also offers 13 products. It operates nine manufacturing plants in India, USA, Mexico, and China as well as three R&D centers.
Its EV-focused products include reduction gears and differential assemblies as well as motor controllers and e-axles.
Singh claims that the company won 13 new programs, six from EV customers and seven from non-EV applications.
Three of the six EV programs are important and will help drive diversified EV growth. One programme is from an Indian original equipment producer (OEM) for electric and ICE.