JBM's consolidated net profit jumps 9.6% during Q2FY24

JBM Auto Limited, a bus manufacturer, announced on Monday a 9.6% jump in its consolidated net profit during Q2 FY24 to Rs 44.10 crore as against Rs 40.24 crore in Q2 FY23.

Further, the company's operating income increased by 19.60% to Rs 1231.01 crore during Q2 FY24 when compared to Rs 1029.24 registered during a similar period last year.  

During the quarter, JBM Auto achieved the highest turnover in the OEM division of Rs 413 crore, which translates into 197% growth on a year-on-year basis, the company said in a statement.

JBM Auto, the flagship company of the JBM group, is planning to deploy 5,000 electric buses across the country by the end of the next financial year, 2024-2025. To fulfil its target, the company is planning to invest Rs 500 crore in capacity building and improving technology.  

During the June quarter, the company commenced commercial operations at its new electric bus manufacturing plant situated in Haryana. This is among the largest dedicated integrated Electric bus facilities (except China), spread over a 4 million square foot area.

This new e-bus manufacturing facility showcases state-of-the art innovation centres and test labs, with new-age materials, science, and technologies, integrated electronics manufacturing, and a vendor park. This initiative from JBM Auto is aptly aligned to its vision of making India the EV capital of the world.

According to JBM Auto, a strong order book in the OEM division and toolroom division will contribute to continuing the impetus growth of the company in FY24.