Sona Comstar Annual Report 2023-24

The future of mobility is

Recognising the seismic shifts that were reshaping the landscape of mobility, we embarked on our E.P.I.C. journey to future mobility. Through strategic investments in research and development, we are evolving our roadmap towards an Electric (E), Personalised (P), Intelligent (I), and Connected (C) future.

Electric
Personalised
Intelligent
Connected

Making breaking our own records a habit

INR 31,848 million

Revenue

2.0x^*

INR 9,021 million

EBITDA

2.0x^*

INR 5,173 million

Profit after tax

2.4x^*

INR 8,859 million

BEV Revenue

4.3x^*

29%

Revenue share from BEV

2.1x^*

54

EV Programs

3.6x^*

* growth from FY 2020-21

Corporate identity

Redefining mobility through our solutions

We have solidified our position as one of the most respected automotive component manufacturers. However, we were always convinced we could have a more significant impact. Leveraging our state-of-the-art R&D capabilities and industry experience, we have transitioned from a manufacturing company to a mobility solutions company.

Our Presence

10

Manufacturing
facilities

4

R&D
centres

3

Engineering
capability centres

4,674

Total
employees

25 Years: A Reflective Journey

Sunjay Kapur

Chairman and Non-Executive Director

Our focus is on building a long-term business with a solid foundation and a stronger emphasis on being at the forefront of technological innovation. We are strategically investing in R&D to develop the right solutions and technologies for the E.P.I.C. future of mobility.”

Vivek Vikram Singh

Managing Director & Group CEO

We are often told we are a great company. However, we sincerely don’t think so, and perhaps because of this attitude, this deep yearning for becoming something better than we are, we may one day indeed become a great business.”

Rohit Nanda

Group Chief Financial Officer

Our long term strategy involves a three-pronged approach: developing new products in-house using our core capabilities in making gears and motors, forming technology partnerships to expedite our progress on the product roadmap, and acquiring companies to expand our portfolio of products/ capabilities.”

Key performance indicators

Continuing where we left off

Revenue (INR in million)

EBITDA (INR in million)

EBITDA margin (%)

Profit after Tax (INR in million)

Gross Block (INR in million)

Free Cash Flow from Operations (INR in million)

R&D investments (INR in million)

Total employees (No.)

Gender Diversity (%)

CSR spend (INR in million)

Product portfolio

Diversified by portfolio. Unified by vision.

Our Strategic Priorities

In tune with the industry developments

S1. Increasing EV presence

In response to the surging demand for electric vehicles (EVs), we have taken proactive steps to introduce new products and enhance our production capabilities.

54

EV Programs awarded by the end of FY24

79%

Share of EV in our orderbook

S2. Increasing global market significance

Throughout the years, our market share has seen significant growth, attributable to our adeptness in fulfilling the needs and desires of our customers.

Suppliers to major global OEMs

INR 51 billion

Worth of new orders added in FY24

39

Programs won in FY24

S3. Diversifying revenue mix

Continuously diversifying our portfolio has been an integral strategy to maintain agility amidst the dynamic disruptions in the automotive industry. By strategically broadening our portfolio, we have successfully established multiple revenue streams, thus diminishing the risks linked to dependency on products, regions, or market segments.

S4. Investing in technology

Our strategic roadmap is clear: we aim to capitalise on our technological breakthroughs and partnerships to cement our leadership in electric mobility. We are committed to exploring new avenues in personalised, intelligent, and connected mobility, ensuring our offerings exceed our customers' evolving expectations”

Business Model

Geared for where we left off

ESG Approach

Our ESG Goals

Environment

Leading the way with sustainable practices

4%

improvement in energy intensity in FY 2023-24

21.35 MWp

Setting up of a total solar group captive capacity

Social - People

Cultivating a supportive work environment

Recertified as Great Place to Work with a higher score than previous year

6

Share of women employees in the workforce

Social - Community

Empowering communities for progress

9

Startups have been supported to promote innovation in the area of green mobility in partnership with FITT and IIT Delhi since the beginning of the project.

2

Startups supported to promote innovation in technologies, in partnership with CIIE and IIM Ahmedabad.

Governance

The ones responsible for this transformation

Corporate Governance at Sona Comstar continues to remain one of the focus areas for Corporate Excellence. Our Company has implemented a robust framework on Governance, Ethics and Compliance, Data Privacy, Cyber Security, and Risk Mitigation.