BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
We initiate coverage on Sona BLW Precision Forgings Ltd. on a positive note premised on the following aspects-
ability to identify products that would add to return on capital employed and growth;
its quest for innovative products with lower costing but uncompromised quality, which would help reduce cost for customers, and improve its own margins (magnetless motors are an example of such a product);
using its own proven capabilities efficiently for further innovation (e.g. active suspension system);
ability to deliver 25% plus Ebitda margin despite spending ~3% of revenue on research and development (revenue size: ~Rs 20 billion);
Sona BLW's sustained efforts to extend the portfolio to large electric vehicle makers and grow with them in addition to focusing on capturing domestic e-two-wheeler opportunity.
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