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Dolat Capital Report
JBM Auto Ltd. printed a remarkable performance in Q4. Net revenue jumped 44% YoY and 31% QoQ to Rs 10.72 billion led by 119% QoQ growth in the original equipment manufacturer business (bus division), 14% in component business, partially offset by 15% de-growth in the tooling division.
Despite the commodity inflation, JBM Auto reported strong margin at 11.5% led by operating leverage and cost cutting measures.
OEM/bus division we foresee better performance in the bus division to continue in the coming year on the back of a strong order book of 1500 plus buses and potent demand of electric buses.
Currently, five state transport undertakings along with Convergence Energy Services Ltd. have announced their intent to float tenders for a total of over 12,000 buses. We believe JBM Auto would be one of the major beneficiary while going ahead of the move, towards e-buses by State governments.
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