8a6a9e10-0ff8-4a99-b8a4-54056e80a53f.pdf (bseindia.com)

Thank you for the explanation. It makes a lot of sense why the price is dropping.

My 2 cents on likely reasons why Sona Comstar’s share price is under pressure

1. Very high interest rate in U.S naturally discourages new buying from potential customer which means less cars selling and hence less cars being manufactured for now. Directly impacts exports of Sona Comstar to US companies. This includes both ICE and EV
2. Recent labour strike in US for 3 main car manufacturers further impacts production and hence sourcing. Directly impacts exports of Sona Comstar exports to US
3. Softer volume growth in Europe. More so of locally manufactured and sold EVs (VW and other European manufacturers). Chinese EV manufacturers have flooded EV with lower cost and compelling value proposition (likely due to subsidy from China govt). Europe has already announced an investigation in this as domestic manufacturers are under pressure. So Sona Comstar exports to Europe will also be under pressure

Pt. 1 and 2 is temporary blip as sooner or later interest rates will come down, labour strikes will be resolved. Pt. 3 might take longer due to multiple factors including future potential decision of EU to impose duties on cars from China

Hope this gives some context on why the share price is under pressure. However, longer term it still holds a lot of potential given the product portfolio it has and recent foray in to ADAS products because of acquisition

Good luck researching more on the company!

Thank you… And to add more to this as per their latest annual report the management is more focused on the other specialty products and is targeting to generate more revenue from these products which will help the company to stabilize its margins.
Eagerly waiting for Q2 results which will be declared on 25th oct.

As this question has remained unanswered, let us put my thoughts on it.
I have faced similar issue in HCG, where it was in loss and still the tax rate on the profit was huge.
I could not understand completely but when a company has many subsidiaries and operate in many jurisdiction(or countries), then it becomes complex to get the view of tax rate from the screener.

Hence we should refer to the notes to the Consolidated Financial Statements in annual report.
For reference, in case of tata motors(From page 392/529),

Please go through the notes to tax rate completely by yourself to understand fully(I have just attached some part of that note) and also summarise it for us if possible, your learnings.