A leading provider of automotive technology, Sona BLW Precision Forgings (Sona Comstar), has revealed plans to invest Rs 99.7 crore to increase the Chennai facility's production capacity of EV traction motors from 400,000 to 600,000 units and to add a new capacity of 500,000 PCB Assembly units by FY2025.

The fact that this development is taking place at a time when capacity utilisation was just 37% as of March 31, 2023, illustrates the company's vision for the future.

The company has also announced its financial performance for Q1 FY2024, with revenue of Rs 732 crore, up 24 percent YoY, EBITDA growth of 43 percent at Rs 203 crore with a margin of 27.8 percent. The net profit came at Rs 112 crore, up 48 percent.

In fact, the company’s four-pronged strategy of electrification, exports, diversification and technology has started giving smart returns. During the period the revenue from electric vehicles grew by 13 percent, bringing the contribution to 26 percent.