JBM Auto Q2 profit at Rs 44 crore

Automotive and EV firm JBM Auto Ltd on Monday reported a 9.60 per cent increase in consolidated net profit to Rs 44.10 crore for the second quarter of this fiscal. The company delivered a consolidated net profit of Rs 40.24 crore in the September quarter of FY23. Net sales during the quarter rose 19.60 per cent to Rs 1,231 crore compared to Rs 1,029.24 crore in the July-September period of the previous fiscal, JBM said in a statement.

During the quarter, the OEM (original equipment manufacturer) division also achieved the highest turnover at Rs 413 crore, it said. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) for the September quarter of FY24 stood at Rs 147.47 crore as against Rs 112.29 crore in Q2FY23, registering a year-on-year growth of 31.32 per cent, it stated.

The launch of global products recently at Bus World 2023 in Brussels will open up a huge market opportunity for JBM, the company said, adding that a strong order book in OEM and toolroom divisions will contribute to continuing the growth impetus in FY24.