JBM Auto Drives Towards Success: Q1FY24 Profits Soar by 18.18% as Electric Vehicle Segment Expands

JBM Auto Limited, a prominent automotive and electric vehicle company, has reported a notable upswing in its financial performance for the first quarter of the fiscal year 2023-24. The company witnessed a remarkable 18.18% increase in its net profit, reaching INR 30.17 crore, as compared to the INR 25.53 crore recorded in the corresponding quarter of the previous fiscal year.

The quarter ending June 30, 2023, proved to be quite successful for JBM Auto, as its sales, including other operating income, totaled INR 946.22 crore. This marked an impressive growth of 9.39% when compared to the INR 865.03 crore achieved during the same period in the previous fiscal year.

The company’s EBIDTA exhibited remarkable growth, soaring by 35.34%, and reaching INR 119.28 crore in Q1FY24, in contrast to INR 88.13 crore in the corresponding quarter of the previous year. Moreover, the earnings per share (EPS) for the first quarter of the current fiscal year stood at INR 2.56, reflecting an improvement from INR 2.18 in Q1FY23.

Of significant note, JBM Auto’s OEM Division Revenue experienced an impressive surge of 72.97%, indicating robust performance in that particular sector. Furthermore, the Total Room Division revenues saw substantial growth, reaching an impressive 101.13%.

The company’s progress in the electric vehicle segment has been noteworthy, as it commenced commercial operations at a state-of-the-art electric bus manufacturing plant located in Haryana. The new facility is equipped with cutting-edge innovation centers, advanced test labs, and employs modern materials, science, and technologies, including integrated electronics manufacturing and a vendor park.

With these remarkable financial results and strategic advancements in the electric vehicle domain, JBM Auto is evidently poised for further growth and solidifying its position as a leading player in the automotive and electric vehicle industry. The company’s consistent focus on innovation and customer satisfaction has undoubtedly contributed to its commendable performance in the market. Investors and stakeholders can look forward to witnessing JBM Auto’s continued success in the upcoming quarters.

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