Sona Comstar logs Q2 PAT of Rs 130 crore, to enter solar power – EQ
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In Short : Sona Comstar, a leading automotive component manufacturer, has reported a Q2 net profit after tax (PAT) of Rs 130 crore. In addition to its automotive endeavors, the company has also announced plans to diversify into the renewable energy sector by entering the solar power industry. This strategic move showcases Sona Comstar’s commitment to expanding its business portfolio and contributing to the growing renewable energy sector in India.
In Detail : Automotive component player Sona BLW Precision Forgings Ltd (Sona Comstar) on Wednesday said it closed the second quarter of FY24 with higher revenue and profit.
The company also said it is negotiating with Clean Max Enviro Energy Solutions Pvt. Ltd (CleanMax) to float a solar power company.
In a regulatory filing, Sona Comstar said it closed the quarter ended September 30 with an operational revenue of Rs 716.2 crore (Q2FY23 Rs.599.2 crore) and a profit of Rs 130.4 crore (Rs 83.2 crore).
As regards the proposed solar power company, Sona Comstar said it will hold 26 per cent stake investing about Rs.7.5 crore and the remaining 74 per cent to be acquired by CleanMax.
