JBM Auto Management Discussions


Global Economy

The global economy remains in a perilous condition led by after effects of the pandemic, continued geopolitical tensions, and the sharp tightening of monetary policy to contain high inflation.After growing 3.4% in 2022, the global economy is set to slow in 2023, to 2.8%. Post this a tepid recovery is expected in 2024, to 3%. Tight global financial conditions and subdued external demand are expected to weigh on growth across emerging markets and developing economies (EMDEs). Inflationary pressures persist, resulting in tight monetary control by most central banks which in turn is expected to weigh substantially on economic activity. Advanced economies grew 2.7% in 2022 amid the global turmoil. In 2023 and 2024 growth is expected at 1.3% and 1.4% respectively. EMDEs which grew 4% in 2022 are expected to grow at 3.9% in 2023 and 4.2% in 2024. The headline (consumer price index) inflation rate is predicted to be lower in 84% of nations in 2023 than it was in 2022 with global inflation likely to drop from 8.7% in 2022 to 7% in 2023 and 4.9% in 2024. The gradual decline is attributable to softer demand and moderation in commodity prices, provided longer-term inflation expectations remain anchored. Recent banking sector stress in advanced economies is likely to lead to increased restrictive credit conditions putting pressure on economic growth. Rising borrowing costs in advanced economies could lead to financial dislocations in the more vulnerable EMDEs. Comprehensive policy action is needed at the global and national levels to foster macroeconomic and financial stability. Continued is the need of the hour to tackle climate change, accelerate the clean energy transition, support populations affected by crises and hunger, and provide debt relief as necessary. At the national level, it is imperative for nations to implement credible policies to control inflationary pressure and ensure macroeconomic and financial stability. In addition, reforms are required to set the foundations for a robust, sustainable, and inclusive development path.

(Source: IMF April 2023 – World Economic Outlook; Global Economic Prospects -- June 2023 (worldbank.org))

Amidst the challenging global macro environment, Indias economy exhibited strong resilience as compared to other EMDEs, led by a large domestic market and relatively lesser integration with global value chains and trade flows.

Indian Economy

Amidst the challenging global macro environment, Indias economy exhibited strong resilience as compared to other

EMDEs, led by a large domestic market and relatively lesser integration with global value chains and trade flows. Strong domestic consumption, private investment, and fixed investment growth showed resilience despite global headwinds. This contributed to the expected 7.2% growth of the Indian economy in FY 2022-23 as against 9.1% in FY 2021-22, according to the Provisional Estimates by the Ministry of Statistics & Programme Implementation. In FY 2022-23, growth in exports was a healthy 6% on account of healthy growth in the outbound shipments of sectors such as petroleum, pharma, and chemicals and marine. The exports of goods and services together recorded a new high of 14% growth to USD 770 billion, led by robust growth in services exports, moderation in oil prices, robust revenue collections and the fall in import-intensive consumption demand, the current account deficit is expected to decline in FY 2023-24. De-bottlenecking of global supply chains and falling international commodity prices are expected to aid economic growth in India.

The trade, hotel, transport, communication and service related to broadcasting grew 14% due to pent-up demand. Construction and Utility service supply sectors are expected to grow at a robust 10% and 9% respectively. The agriculture sector is expected to witness 4% growth despite concerns about the monsoon and the El Nino effect due to storage in reservoirs. cooperation


The Indian economy, Asias third largest economy, is expected to become the fastest-growing economy in the World in FY 2023-24. The World Bank expects GDP growth in India to be 7.2% in FY 2022-23 and 6.3% in FY 2023-24. Consumer spending by lower-income groups is expected to be hit in FY 2023-24 due to slower growth in their incomes. The inflation trajectory in India is likely to moderate to 5.2% in FY 2023-24 as the impact of monetary policy tightening starts to materialise. However, the outcome will be determined by extreme weather conditions like heatwaves and the possibility of an El Nino year, volatility in international commodity prices and pass-through of input costs to output prices. The investment cycle is projected to pick up in the second half of FY 2023-24, contingent on global growth recovery and lower borrowing costs.

Union Budget 2022-23

The government re-emphasised in the Union Budget 2023-24 that the Indian economy is on the right path and heading towards a bright future. To add momentum to economic growth, major changes in tax slabs were announced under the new tax regime and the highest-ever allocation for railways and capital expenditure. A lower tax burden for new manufacturers and revamped credit guarantee scheme will boost the MSME sector. A big boost was provided to the housing sector with a 66% increase in allocation to PM Awaas Yojana. Impetus was provided to banking, job creation, clean energy, ease of doing business, urban development, health, education, agriculture, digitisation, etc to facilitate ample growth opportunities for citizens, especially youth, job creation, macro-economic stability, women empowerment, and self-help groups.

Some of the highlights are as follows:

For FY23 24, the fiscal deficit is expected to come down to 5.9% of the GDP and less than 4.5% by FY25 26.

Capital expenditure is budgeted to increase by 37%

• The Subsidy bill of the government is proposed to decline by 28% with 22%, 31% and 75% reduction in fertiliser, food and petroleum subsidies, respectively

Basic customs duty (BCD) was reduced to nil in respect of the import of specified capital goods and machinery required for the manufacture of lithium-ion cells for batteries used in electric vehicles.

Capital outlay of Rs 2.40 lakh crore was provided for the Railways, which is the highest ever outlay

The budget focussed on the ‘Make in India initiative with a continued focus on promoting green mobility.

For last and first-mile connectivity for ports, coal, steel, fertilisers and food grain sectors, 100 critical transport infrastructure projects have been identified.

The Indian automotive industry is worth more than USD 222 billion, contributing 8% to total export and accounting for 7.1% of GDP and 49% of manufacturing GDP.

Annual production of 5 MMT under the Green Hydrogen Mission to be targeted by 2030 to facilitate the transition of the economy to low carbon intensity and to reduce dependence on fossil fuel imports.

• Rs35,000 crore outlay for energy security, energy transition, and net zero objectives.

Battery energy storage systems are to be promoted to steer the economy on the sustainable development path.

30 Skill India International Centres to be set up across different States to skill the youth for international opportunities.

• Revamped credit guarantee scheme for MSMEs to take effect from April, 2023 through the infusion of Rs9,000 crore in the corpus. This scheme would enable additional collateral-free guaranteed credit of Rs2 lakh crore and also reduce the cost of the credit by about

1 percent.


Being the fourth largest producer of Automobiles in the world, with an average annual production of more than 4 million motor vehicles, India plays an important role in the global automobile industry. India is gradually developing into the manufacturing hub of automobiles due to low-cost production owing to the easy availability of affordablelabour and raw materials. The export market is well supported by a weak currency. India is the largest tractor manufacturer, second- largest bus manufacturer, second largest two-wheeler manufacturer, seventh largest in commercial vehicles, sixth largest in passenger vehicles and third largest heavy trucks manufacturer in the world.

The automotive industry plays a crucial role in Indias economic growth, contributing approximately 7.5% to the total GDP and around 49% to the manufacturing GDP. Notably, it also generates employment opportunities directly and indirectly, with a substantial workforce of 32 Mn. It serves as a significant catalyst for the Make in India initiative, promoting sustainable development and addressing mounting apprehensions regarding climate change and environmental deterioration.

Despite the adversity of the COVID-19 pandemic, the Indian automotive industry is showing resilience by effectively Moreover, the sector is capitalizing on emerging favorable trends, including the rebalancing of global supply chains, government incentives to bolster exports, and transformative technological disruptions that create promising opportunities.

Government Initiatives for the automobile industry

The Government of India encourages foreign investment in the automobile sector and has allowed 100% FDI under the automatic route. Some of the recent initiatives taken by the Government of India are:

In July 2022, Gujarat government announced a semiconductor policy, where it will set up Dholera Semicon City and offered incentives for investment in this sector.

In July 2022, the Government amended the National Policy on Biofuels - 2018. The target of 20% blending of ethanol in petrol and 5% blending of biodiesel in diesel by 2030 was brought forward to FY 2025-26.

According to NITI Ayog, there are a total of 934 active public EV charging stations.

In Union Budget 2023, the government announced a slew of measures to boost the automobile industry including a reduction in the basic customs duty rate from 21% to 13%, an increase in rebate on personal income tax from 5 lakh per annum to 7 lakh per annum, focus on greener mobility, increase in funds allocation towards Vehicle Scrappage Policy and help of the centre government to scrap old vehicles.overcoming a significant At the same time, with a focus on local production, the government raised the customs duty on fully imported luxury cars and EVs from 60% to 70%.

The government introduced a battery-swapping policy, which will allow drained batteries to be swapped with charged ones at designated charging stations, thus making EVs more viable for potential customers.

Indias National Highways would be expanded by 25,000 km in 2022-23 under the Prime MinistersGatiShakti

Plan. effort to make thewith

The government has planned US$ 3.5 billion in incentives over five years until 2026 under a revamped scheme to encourage the production and export of clean technology vehicles.

Electric Mobility, together with other alternative powertrains, holds great promise for India in tackling rising emissions and reducing dependency on oil imports. In recent years, significant Central and State governments through interventions like FAME, PMP, PLI, and State EV policies. Industry players have embraced the potential of EVs in India, with OEMs, startups, and shared mobility providers exploring new products and business models.

The investment community recognizes EVs as a high-potential area, while academia and premier institutions like IITs are actively researching and refining EV technology for Indian use cases. This collective effort showcases a strong determination from the government, industry, and academia to kick-start the EV revolution in India.

However, the transition to EVs also presents challenges. The supply chain for key components is nascent and dependent on imports, necessitating stable procurement of raw materials even with localization efforts. Prospective EV users have concerns about range anxiety, charging infrastructure, financing,and vehicle performance. Addressing these concerns while achieving the right value-price equation through unique business models is critical in a cost-conscious market.


The Indian auto components industry accounts for 2.3% of Indias GDP. In FY 2019-20 and FY 2020-21, the Indian auto component industry struggled to witness declining growth. However, the trend reversed in FY 2021-22, with the industry clocking 23% growth to USD 56.5 billion. The growth was mainly attributable to replacement demand, export volumes and pass-through of commodity prices. Localisation has picked pace led by the rising presence of global automobile OEMs. Domestic OEM demand remained volatile in various segments of FY 2021-22 having a slowdown in 2Ws and the semiconductor shortage hamperingwith Indias target of reducing overall production volumes. The industry witnessed 12.5% growth in FY 2022-23 despite supply chain issues, as Chinas plus one strategy is working in favour of the Indian auto component industry. Highest trade surplus was recorded in FY 2021-22, with exports of USD 19 billion and imports of USD 18.3 billion. With new emission norms applicable from April 1, 2023, trade surplus looks unlikely in FY 2022-23, as many components

This adoption of electric vehicles (EVs) a strategic aim fits

Indias target of reducing carbon intensity per unit of GDP by 45% by 2030. It can also serve as a green industrial policy to aid post-pandemic economic recovery, cut oil imports, increase energy security, reduce air pollution, and combat climate change.

policy milestones have been achieved by both the like the fabric for airbags and certain electronic components will need to be imported as Indian component makers have limited skill set to manufacture such components. The governments push in the form of automotive PLI schemes to drive localisation of advanced automotive technologies is expected to boost exports of such advanced components. Industry growth is pegged at 10-15% in FY 2023-24 with the key pillar of this marked uptick going to be the sustained momentum in Indias domestic vehicle market. Pick-up in the transition of European and American countries to electric engines from ICEs is a crucial growth factor for the Indian auto components industry as demand shifts to Indian manufacturers.


The electrification of passenger transport has emerged as a key component of global efforts to decarbonise the industry. With the transportation sector accounting for 24% of global greenhouse gas emissions and more than 40% of those emissions originating from passenger road vehicles, electrification of passenger transport is now an important priority. Indicatively, at the 26th Conference of the Parties (COP26) summit held in Glasgow in 2021, 38 national governments, 47 city and regional governments, 11 automakers, 28 fleet financial institutions vowed to ensure that by 2035, all new car and van sales in the key economies would be zero-emission vehicles.

In response, the Indian government has committed that by 2030, 30% of the new vehicle sales in India would be electric. This effort to make the adoption of electric vehicles (EVs) carbon strategic aim fits intensity per unit of GDP by 45% by 2030. It can also serve as a green industrial policy to aid post-pandemic economic recovery, cut oil imports, increase energy security, reduce air pollution, and combat climate change. The global EV market was estimated at approximately US$ 250 billion in 2021 and by 2028, it is projected to grow by five times to US$ 1,318 billion.

Electric Vehicle Sales Growth - Global

Electric vehicle sales soared in 2022 led by a strong collaborative push for net-zero and national subsidies. China led the sales, with over 10.6M electric cars sold in 2022, increasing by 60% over 2021. More than half the electric vehicles sold globally were sold in China. US also recorded a 65% growth in EV car sales in 2022 as new OEMs entered the market with a wider range of products. Sales in Europe increased at a slower rate than past due to high energy prices which has affected the overall value chain as many industries still rely on fossil fuels for energy.

Sales outlook for 2023 and in the short term is however moderate as China closed its national EV subsidy and expects to shift to market driven sales. There may be a deceleration in sales but not a decrease. In the west, countries are battling inflation and purchasing power has been adversely affected leading to a shunted growth in EVs. While US has introduced inflation reduction act, its effect is set to kick in from 2024 and onwards. Sales in Europe has also been severely affected by the continue geo-political crisis in Ukraine and as countries are bring subsidies to an end. On the positive side, EV sales in emerging nations are soaring. Monthly EV sales in India has remained above 100,000 for 8 months in a row till May 2023 reaching record levels in May. 4W EV sales in Indonesia are also expected to exceed 50,000 units as the country introduced tax cuts. In the long term hence, as more countries join the electricfication wave, the growth is expected to be high.

The Government of India has introduced a set of fiscal and non-fiscal incentives to support the adoption of electric mobility. These incentives include tax breaks, subsidies, and access to dedicated lanes. The road to transformation for electric mobility in India started in 1994 with Indias first electric vehicle, the REVA. In 2010, the Ministry of New and Renewable Energy (MNRE) launched the Alternate Fuels for Surface Transportation Programme with a budget of Rs 95 crore. This was the first step to promote electric vehicle penetration in India. A major policy boost followed in 2012 with the National Electric Mobility Mission 2020 (NEMMP 2020). The NEMMP 2020 set a target of having 6-7 million electric vehicles on the road by 2020. The movement towards electric mobility became stronger in 2015 with the announcement of the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) scheme. The FAME scheme provides subsidies for the purchase of electric vehicles and for the installation of charging infrastructure. The FAME scheme has been revised twice, in 2019 and 2022. In 2022, NITI Aayog released a draft policy on Battery Swapping to address the challenges related to upfront costs of purchasing EVs, range and safety. The governments efforts to promote the adoption of EVs have been successful in recent years.

Electric Buses

Indias electric bus market has experienced rapid growth in the past two years, driven by demand aggregation, standardization efforts, product advancements, and improved charging infrastructure. The governments push to electrify fleets and the efforts of leading OEM players like JBM Group to develop integrated EV ecosystems have been major drivers of this growth. To meet the surging domestic demand for electric buses, local businesses are collaborating with established overseas players. Cities are adopting various models to reduce electrification costs, including offering upfront subsidies to lower bus expenses. As demand aggregation brings economies of scale, the electric bus market is expected to witness high levels of penetration in the next 5-7 years.

Growth of E-buses in India

Primarily driven by public sector adoption with demand incentives under FAME-II scheme

- Indian E-Bus industry is the second largest in the world. - Annual production capacity between 14,000-20,000 buses - High degree of localization achieved, battery manufacturing capability being setup

- Growth driven by FAME led demand incentives to OEMs through public procurement

- Limited models for mofussil and intercity services

E-bus Deployment model for public fleets

Gross Cost Contracting (GCC) model has developed as the model for deployment, supported by Central framed guidelines under FAME-II

- STU/Authority plan services and undertake revenue risk with operators bidding for providing services at lowest cost - Operators to arrange financing for buses and infrastructure and operational risk

National Ambition: NEBP and beyond

Demand for E-buses to be driven by NEBP and decentralized procurement by PTAs

- Success of aggregating demand and prices discovered under Grand Challenge propel the National E-Bus Program (NEBP)

- Centralized procurement aiming at deploying 50,000 E-buses through:

- Aggregation of demand for larger lot sizes

- Clear definition

- Escrow mechanism and resolution for lenders in case of contract termination

- First NEBP tender for 6,465 e-buses awarded

- Multiple Ministries including MoRTH, MoP (through CESL) MHI and NITI Aayog actively engaged with industry stakeholders

- Larger STUs continue with decentralized procurement (BEST, MSRTC)

Some of the key state policy initiatives are:

The Uttar Pradesh government has set ambitious targets for the adoption of electric vehicles. The governments goal is to have 1 million EVs on the road by 2024, and to transition 100% of public transportation to EVs by 2030. It is formulating a CEMP to guide the transition to EVs, and it is investing in charging infrastructure. The government is also offering incentives to encourage the purchase of EVs, such as tax breaks and subsidies and has allocated investment target of Rs 300 billion.

Maharashtras EV policy encourages the adoption of electric vehicles and plans to have 500,000 EVs on the road by 2025, and for 10% of vehicles registered to be electric by 2025. The government also aims to have a 100% electric bus fleet e-commerce companies to transition 25% of their fleet to electric by 2025.

Gujarat EV policy incentivizes e-taxis, promotes EV and component manufacturing, and provides subsidies for EV charging stations. It offers incentives on e-taxis, such as a waiver of registration fees and road tax and also promotes EV and component manufacturing, such as batteries and e-motors. The policy provides a 25% capital subsidy on machinery for the first 250 EV charging stations.

State EV policies vary widely in their scope and scale in terms of validity. Despite different paths, the ultimate goal of these state governments is to complete the task of actual implementation of policies and programs to enable the transition to EVs. States, too, see opportunities for economic growth & industrial development in the nascent e-mobility which motivates them to launch individual state level policies and implement central level schemes & policies.

Source: USGS, EIDB, Niti Aayog, CEEW, Secondary Research, NRI Analysis

Technology improvement in EV batteries

There has been a significant technology in the last decade, with greater demand leading to ~85% decrease in cost. EV players are investing huge sums in R&D with a great focus on developing batteries that can cover longer miles on one charge. EV drivers want lower cost, faster charging and longer range EVs, making improvement in battery technology critical. An upcoming new technology expected to show real progress toward commercialization is the solid-state battery, which promises to deliver greater energy density, faster charging, and improved safety. Advances in battery chemistries, include lithium-air and magnesium-ion. Closest to market are sodium-ion batteries that replace scarce and expensive lithium with cheap, highly available sodium. It is expected that low-cost, and safer lithium iron phosphate (LFP) improvement cathodes, will findincreased battery application in EVs. Companies working on using silicon for lithium-ion anodes are also expected to make progress toward commercialisation. To strengthen US battery supply chains, the Inflation Reduction Act will provide substantial loans and grants to battery makers, in addition to EV tax credits.

Indias Battery Chemistry Evolution – Speculative Outlook

With a dynamically growing EV market, battery chemistry is expected to evolve to meet the changing needs of consumers and manufacturers. Currently, the battery trend is dominated by LFP and NMC, with LFP being preferred by E4W and NMC being predominantly used by E2W.

Till 2030, LFP chemistry is expected to have continued dominance in batteries owing to their high energy density and advanced manufacturing capabilities across the world. Currently popular conventional NMCs (NMC 611/NMC 532) are expected to be replaced by more advanced NMC 811 with higher energy density and lesser cobalt intensity, which is a scarce mineral with insufficient reserves in India. Additionally, other LiB, including Lithium Sulphur, Lithium Air, Zinc Air, Lithium Carbon and other non-LiB chemistries like Solid State, Sodium ion, Flow battery, Semi-Solid are expected to start gaining footing by 2030.

LEP and NMC Battery Component Value (in Total Battery Cost)

As a result, despite these challenges regarding raw material for cathode and anode, India can still unlock more than 90% of packing component value, 70-90% of LFP cell value, and up to 43% of NMC cell value. India can achieve this only by fostering domestic cell manufacturing capacity and by building a robust supply chain for other raw materials like iron oxide, phosphate, and graphite, etc. in the case of LFP.

Cell cost breakdown and Localization Potential

A deeper dive into LFP, NMC batteries allows them to be broken down into two major components: cell and pack components. The pack components and pack assembly constitute about 30% of the battery component value. The cells can be further broken down into Cathode, Anode, Separator, and Electrolytes. Cell cathode is the highest cost contributor in LFP (21%) as well as NMC (42%). The downstream supply chain, including cathode, anode separator, and electrolyte, is at a nascent stage in India due to non-availability of raw materials, limited manufacturers, and uncertain demand security.

Several key players in India are investing in setting up lithium-ion battery (LiB) manufacturing facilities in India. Ola Electric, Reliance, and Rajesh Export have been selected under the PLI scheme for receiving incentives for cell manufacturing and are expected to start cell manufacturing at the latest by 2024. Traditional battery manufacturers presence is inevitable in lithium-ion battery manufacturing. These companies have an excellent understanding of the automotive industry and have long-term experience working with OEMs.

Government sources have also said that they will take fresh bids for the allotment of the remaining 20 GWh under the second phase of the PLI-ACC scheme.

India aims to develop cell manufacturing capabilities and establish itself as one of the major cell manufacturing hubs.

Battery Localization Potential in India

There is a critical need to localise the cell supply chain. The cell materials constitute around 40% of its cost, and India has minimal availability of cell raw materials. If India targets to achieve 60% of the value addition (as mandated by the PLI), it needs to localise the manufacturing of anode, cathode, electrolyte, and separator.

To ensure a steady supply of raw materials for lithium-ion battery production in the country, India will be obtaining lithium and cobalt from countries like Australia, Argentina, Bolivia, and Chile. A joint venture company, Khanij Bidesh India (KABIL) Ltd., has been created by the Ministry of Mines with the National Aluminium Company (NALCO), Hindustan Copper (HCL), and

Upcoming Li-ion Gigafactories in India


Chemistry Capacity (GWh)

JBM Green



NMC 20


LiB 5

Rajesh Exports

LiB 5



Amara Raja

LiB 12

Tata Group

LFP 20


LiB 3

Mineral Exploration Corporation (MECL). State-owned NMDC (National Mineral Development Corp.) is looking to mine lithium, cobalt, and nickel through Legacy Iron Ore Ltd. in Australia. NMDC owns a 90% share in Legacy Iron Ore Limited. NMDC is also looking for cobalt, nickel, and gold mines in various geographies, including Africa. Hence, once these G2G collaborations pick up, India will solve major challenges with respect to raw materials access for cell manufacturing.

Trends in the EV space

Technology improvement in EV batteries

There has been a significant improvement in the last decade, with greater demand leading to ~85% decrease in cost. EV players are investing huge sums in R&D with a great focus on developing batteries that can cover longer miles on one charge. EV drivers want lower cost, faster charging and longer range EVs, making improvement in battery technology critical. An upcoming new technology expected to show real progress toward commercialisation is the solid-state battery, which promises to deliver greater energy density, faster charging, and improved safety. Advances in battery chemistries, include lithium-air and magnesium-ion. Closest to market are sodium-ion batteries that replace scarce and expensive lithium with cheap, highly available sodium. It is expected that low-cost, and safer lithium iron phosphate (LFP) cathodes, will find increased application in EVs. Companies working on using silicon for lithium-ion anodes are also expected to make progress toward commercialisation. To strengthen US battery supply chains, the Inflation Reduction Act will provide substantial loans and grants to battery makers, in addition to EV tax credits.

High fuel prices give EVs a competitive edge

EVs are not only environmentally friendly but also operate at significantly lower running costs as compared to Internal Combustion Engine (ICE) counterparts. The cost of fossil fuels has been on the rise given the geo-political tensions and depleting reserves. The Organization of the Petroleum Exporting Countries (OPEC) is planning to reduce crude oil production significantly, which is expected to lead to a rise in the cost of fossil fuels. Increase in fossil fuel price paves way for increased adoption of EVs as the running cost gap widens further.

Increase in charging infrastructure

The biggest hindrance to EV adoption has been the lack of charging infrastructure. However, countries worldwide are working tirelessly to create new charging infrastructure are in an effort being adopted like more charging forecourts, more subsidies to create on-street and home-charging stations, and more businesses offering charging facilities.

Markets are recovering from EV subsidy changes

In January 2023, there were many changes to government subsidies for EVs worldwide, simultaneously. This caused huge disruption to EV sales in 2022 as buyers brought forward purchases to take advantage of 2022 subsidies, or delayed purchases to take advantage of 2023 subsidies. The changes have already impacted orders in 2023, mostly negatively. Some of the changes in major EV markets include, China, Norway, Sweden and the UK removed subsidies completely. France, Germany and the Netherlands continued to reduce subsidies. The US is one of the few markets where consumers will benefit in 2023 depending on the brand of EV.

Prices of EVs may drop especially in the car segment

Several new EV models, ranging from new luxury models to middle-market sedans and SUVs to pickup trucks, are expected to be launched in world markets in 2023 and 2024 as major automakers expand their EV lineups. To improve the adoption of EVs, major automakers are looking at dropping prices on existing models. In January 2023, the EV market leader, cut prices of its offerings by almost 20%, increasing pressure on its rivals. This has helped the leader in increasing its total addressable market as more of its models will qualify for subsidies in 2023 than in 2022, especially in the US. The price cuts also help in markets where subsidies have been removed. With rising demand likely due to a drop in prices, economies of scale will kick in compensating for margin pressure.

Geographic expansion and market refocus

Several emerging Chinese EV brands sell their vehicles outside China, keen to exploit opportunities in markets with strong demand and/or poor supply, or limited product choice. Europe has been a key target region. However, the automakers must be flexible in 2023 and refocus their market strategies as EV demand is heavily influenced by price and the availability of government incentives. As subsidies in Europe are on the decline, new opportunities are emerging in Australia, India, Japan, Latin America and South East Asia.


Companies all over the world are currently looking for low-cost, regulated-friendly alternative manufacturing hubs. Companies such as Brose, a European car component maker that supplies to Honda, Ford, and Nissan, have increased the size of their production operation in Pune, India. Other firms, such as Toyota-Tsusho and Sumida Corporation, are considering shifting their manufacturing base from China to India due to the availability of affordablelabour and a favourable policy climate that allows for 100% foreign direct investment (FDI).

India is a new player in the battery production industry, but it has tremendous growth potential. It is anticipated that the global market for lithium-ion batteries (LIBs) will increase from roughly US$ 41 billion in 2021 to at least US$ 116 billion in 2030. The battery accounts for roughly 40% of an EVs worth. The battery cell is the component with the highest value. In a scenario of rapid expansion, India projects a battery industry worth roughly US$ 15 billion annually by the end of the decade, of which US$ 12 billion would come from the production of battery cells and US$ 3 billion from the assembly and integration of battery packs. Even in the most optimistic scenario, the Indian domestic manufacturing market would be worth US$ 6 billion per year.

Investment Landscape

Demonstrating the sectors investment potential, EV start-ups in India raised approximately US$ 1.6 billion in 2022, a 117% increase from 2021. Over the last two decades, the Indian automobile business has attracted a total of US$ 25 billion in FDI. The EV industry received record-breaking funding in FY23 of US$ 3.6 billion. Significant investment has also come from a diverse group of investors, including PE and VC funds, sector-focussed funds, and foreign strategic assets.

FAME-II Scheme: The Government of India introduced the National Electric Mobility Mission Plan (NEMMP) 2020 in 2013 to offer a vision and roadmap for EV adoption and manufacture in the nation. The Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) initiative was introduced as part of this strategy in 2015. The programme has since been extended to 2024 with a budget of US$ 1.3 billion. The budget includes funds for the construction of charging stations as well as up-front incentives to lower the cost of purchasing vehicles.

Production Linked Incentives (PLIs) for Advance Chemistry Cells (ACC):

The government has invested around US$ 2.5 billion in this incentive scheme, which seeks to establish local manufacturing capacity of 50 GWh of ACC and 5 GWh of niche ACC capacity (planned). The programme intends to improve exports and generate economies of scale, helping big domestic and international manufacturers develop a competitive ACC battery production in India. To receive incentives under the programme, the government has agreements in place with three bidders, namely Reliance New Energy Solar, Ola Electric, and Rajesh Exports.

Production Linked Incentives (PLIs) for Automobiles and Auto Components:

The programme provides financial incentives to boost local manufacturing and attract investors into the car manufacturing industrys value chain. This plan intends to lower costs and provide a reliable supply chain for goods made with cutting-edge automotive technology. The approved candidates, in addition to commercial entities from India, also came from Japan, Germany, the United States, the United Kingdom, the Republic of Korea, Ireland, France, Belgium, the Netherlands, and Italy.

Battery Wasteof its fleet. Policy adoption like FAME

II, Management Rules:

The Ministry of Environment, Forest, and Climate Change published the Battery trash Management Rules in 2022 to ensure that battery waste is handled in an environmentally responsible manner. The regulations stimulate the establishment of new firms and entrepreneurship in the collection, recycling, and repair of spent batteries. By demanding a minimum degree of material recovery from used batteries in the recommendations, new technologies, investments, and business opportunities will be brought to the recycling and refurbishment sector.

Others: Basic customs duty exemption on the importation of machinery used in the manufacture of lithium-ion batteries used in EVs, as well as vehicle parts and subsystems. Customs duty on lithium-ion batteries is being reduced from 21% to 13%. Concessional basic customs taxes are being extended for electric vehicles and hybrid batteries. Additional funding has been allocated to support the recycling of old vehicles.

The emphasis is on promoting the production of green hydrogen and biogas.

Battery Swapping Policy (Draft): In order to improve the efficient and effective use of resources (public funds, land, and raw materials for advanced cell batteries) for the provision of customer-centric services, NITI Aayog designed the draft of the battery swapping policy. EVs with swappable batteries are eligible for the same incentives as electric vehicles with fixed batteries installed from the factory. According to the proposed legislation, the size of the incentive would be determined by the kWh rating of the battery and compatible EV.


India is ideally positioned to become a global leader and centre for EV investment due to its vast market size for EVs as well as its position as a market leader in the overall automobile sector. The Indian EV business is still in its nascent stages, and every component in the value chain offers a opportunity to investors. Indias encouraging policy is geared at boosting local production of EVs and EV components, which will lower costs and, as a result, encourage EV adoption. To meet Indias expanding EV demand, significant would be required to create charging infrastructure, including battery-swapping networks. Investment in R&D and localisation of battery manufacture will be critical, as the battery is the most expensive component of an EV. In order to enhance Indias local battery manufacturing capacity, the government has created incentives such as PLI programmes and decreased customs taxes. The production of other EV parts is also being encouraged to boost localisation and thus lower the initial cost of the vehicles.


The Indian automotive industry is undergoing a paradigm shift in trying to switch to alternative/less energy-intensive options. Federal policymakers are developing a shared, connected, and electric mobility option to maximise the electrification PLIs, and reduction in tax burden, investment in charging infrastructure, and EV financing options, work in favour of faster EV adoption. State governments are also promoting EV adoption and have set targets for the same. Several players have entered the Indian EV space in the last few years contributing to growth in the market. Companies are heavily investing in R&D and launching new models to capture the market.

JBM Auto, a complete end-to-end well-to-wheel solution-based enterprise in the mobility space, has a strong presence across auto-components, tooling, and the complete ecosystem for Buses. We expertise in managing modular platforms to meet ever-evolving customer requirements and offering reduced time to market. While striving to grow our business across our various verticals, we remain committed to sustainability and green manufacturing. Solar power is extensively being used in many of our plants for captive energy requirements. We define and strive for sustainability in energy conservation, people skill enhancement, societal development and other forms of sustainability, which lead to scalability for us.

To meet Indias expanding EV demand, significant to create charging infrastructure, including battery-swapping networks.

Our Strategy

A global conglomerate with a diversified consisting of EV ecosystem of E-buses, charging infrastructure & advanced Li-ion batteries among other business verticals of Conventional buses, Auto components & System, Renewable Energy and Environment Management. Annual turnover of US$ 2.6 billion with 60 manufacturing facilities across 25 global locations, 5 Engineering & Design centers and a global work force of more than 25,000 people. Successfully designed and developed city buses with global standards having fuel options of CNG & Electric. Existing product portfolio consists from 8.5 m to 12 meter length buses deployed in almost all the metro cities like Delhi, Ahmedabad, Navi Mumbai, Bengaluru, Chennai, Gurugram, Noida and Andaman Nicobar among other cities for city bus, school bus and tarmac applications.

Strategic Initiatives

1. Technical tie ups with prospective partner to develop new product in EV bus category. Major focus is to develop new products like Trolley buses (12-25 meter), Hydrogen buses (9-12 meters) etc.

2. Exploring entering into new segments like seaport and airport category with prospective technology partner to offer turnkey solution for Zero Emission and Smart Cargo Mobility including autonomous ready platform.

3. Addition of new overseas market for the EV portfolio including E bus, batteries and chargers. Overseas market would include both right hand drive (RHD) countries like Singapore, Middle East, UK, Australia etc. and left hand drive (RHD) countries like Europe, Latin America.

4. Partnership with prospective partners for Battery-as-a-Service (BaaS) solution (including full battery, charging and management solution) to be deployed in India and other key markets globally.

5. Exploring various geographies to set up manufacturing base for E-bus and lithium batteries outside India to cater the international market.

6. Exploring partnership in the areas of cell manufacturing and EV aggregates for strategic sourcing alliances for entire gamut of electric mobility.


During FY 2022-23, your Company has posted robust growth despitemacrochallengesandaninflationary investment would beenvironment. Highlights of the consolidated financial results:

1. Net Revenue from operations increased by 20.81% to Rs3,857.38 crore as compared to Rs3,193.05 crore in FY 2021-22.

2. Component Division revenue increased by 36.32% industry portfolio to Rs3,049.69 crore as compared to Rs2,237.10 crore in FY 2021-22.

3. Tool Room division revenue increased by 4.92% to Rs268.02 crore as compared to Rs255.45 crore in FY 2021-22.

4. OEM division revenue stands to Rs549.74 crore as compared to Rs703.72 crore in FY 2021-22.

5. EBITDA of the Company increased by 16.78% to Rs425.26 crore as against Rs 364.14 crore in FY 2021-22.

6. Net worth of the Company as on 31st March 2023 increased by 14.90% to Rs1,029.76 crore as compared to Rs896.21 crore on 31st March, 2022.

7. The book value per share has increased by 14.90% to Rs87.09 per share as compared to Rs75.79 per share in FY 2021-22.

8. The Earnings per share is Rs10.58 per share in FY23, as compared to Rs13.23 per share in FY 2021-22.

9. The Long-Term Debt Equity ratio of the Company is 0.81 times as on 31st March 2023 and 0.73 times as on 31st March 2022.


1. Revenue Increased by 36.32% to Rs3,049.69 crore In FY 2022-23 as compared to Rs2,237.10 crore in FY 2021-22.

2. EBIT Increased by 50.25% to Rs196.38 crore as compared to Rs130.70 crore in FY 2021-22.

3. EBIT Margin was 6.44% in FY23 as compared to 5.84% in FY 2021-22.


1. Revenue Increased by 4.92% to Rs268.02 crore in FY23 as compared to Rs255.45 crore in FY 2021-22.

2. EBIT Increased by 9.10% to Rs60.67 crore as compared to Rs55.61 crore in FY 2021-22.

3. EBIT Margin was 22.64% in FY23 as compared to 21.77% in FY 2021-22.


1. Revenue stands to Rs549.74 crore in FY23 as compared Rs703.72 crore in FY 2021-22.

2. EBIT stands to Rs28.81 crore as compared to Rs72.00 crore in FY 2021-22.

3. EBIT Margin was 5.24% in FY23 as compared to 10.23% in FY 2021-22.



FY 23 FY22
Current Ratio 0.90 0.98
Debt-Equity Ratio 1.65 1.55
Debt Service Coverage Ratio 1.24 2.35
Return on Equity Ratio 13.25 18.96
(in percentage)
Inventory Turnover Ratio 9.21 8.23
Trade Receivables Turnover Ratio 7.35 5.94
Trade Payables Turnover Ratio 5.55 4.13
Net Profit Ratio (In percentage) 3.31 4.87
Return on Capital Employed 11.33 11.12
(in percentage)

Refer note 58 of consolidated financial statements for detailed reason for significant key financial ratios in FY 2022-23 compared to FY 2021-22.


In India, cities have mostly used Net Cost Contract (NCC) and Gross Cost Contract (GCC) contract models besides the owner-operator model. The GCC model requires the operator to procure the e-buses as well as implement the charging infrastructure, which saves cash state transport undertakings (STUs) from making the initial capital investment. The operator is paid based on the number of kilometres the buses are operated.

JBM Auto Limited and its Subsidiaries (Company) have won orders for approx. 5000 electric buses for supplying to various STUs in the states of Gujarat, Haryana, Delhi, Telangana, Orissa among others and multiple Fortune 500 companies coupled with leading corporates of the country. Different applications such as city bus, staff bus, tarmac coach, etc. in both, 9 meters and 12 meters categories will be delivered for these orders.

With a healthy order book in place, your Company is well poised to further consolidate its position as an end to end electric-mobility solution provider with indigenously developed vehicle technology, battery technology and charging solutions. Your company is ready to serve the emerging market requirements in the electric-mobility domain, thereby, gaining new market access and expanding our market share.


1. Component Division

Your Companys R&D division is an established FSS (Full-Service Supplier) in the area of Design, CAE, Testing & Validation, for Automotive commodities of - Chassis & Suspension systems, Pedal Box, Pulleys for Powertrain systems and Electric mobility components etc. Your company is actively involved in Product Design and CAE analysis on best-in-class software of Catia, Unigraphics, Hypermesh, Simulia & Nastran. Over the last year, we have worked with 8 OEMs on 17 product lines across the Automotive industry. Furthermore, to expand our horizons, we are working on light-weighting solutions through the introduction of alternative materials like glass fibre plastics for clutch and brake pedals. We are working on advanced shape and topology optimisation for chassis and suspension parts to

Improve the strength-to-weight ratio.

The in-house testing centre is modelled as a Centre of

Excellence for all testing activities for group and outer market requirements. During the year, we added the testing of electric mobility parts to our portfolio. We completed more than 6 million testing cycles throughout the year with more than 4 million being for electric mobility aggregates. We have developed Noise Test Chamber capability by using the environmental chamber, which is a unique example of creativity. We have filed changes (25% or more) in the innovation and patent under the grant is already published on Indian Patent Website.

Our R&D test lab is well recognised and has performed testing activities for various customers MSIL, M&M, Honda, Ford and Isuzu.

2. OEM Division:

New Product Development

During FY 2022-23, a focussed and customer-driven approach was used to develop 12m and 9m standard floor electric bus, and numerous variants of such buses like staff and school buses were developed in addition to regular city bus. A structured approach was used by our R&D division to reduce weight, configure the vehicle length to suit the Total Cost of Ownership (TCO) and provide value enhancement. Our R&D team has developed multiple models in 12m Low Floor Electric bus to meet the individual customers specific requirement of the aviation sector. We being the only player in the 12m EV aviation sector, enjoy a monopoly. Our R&D team has also developed two new bus models as 12m Intercity Coach EV GALAXY. All the new models on 100% EV platform, namely 12m Intercity Coach EV GALAXY, 12m standardfloor, staffbus were 9mschool and9m showcased in Auto Expo 2022-23. These vehicle models will enhance the product portfolio options offered by us.

Many new variants have been planned under CESL1 and NEBP projects. Our R&D team is constantly aspiring for the development of energy efficient vehicles, localisation of aggregates, value engineering and reliability improvement of products.

With a new manufacturing plant at Project Topaz, a dedicated proto manufacturing shop has come up to meet the requirement to build prototypes for world-class products. The new prototype shop has dedicated space for proto assembly, test rigs, electrical testing, vehicle instrumentation and proto parts storage. The brand-new world-class test track is built within the plant premises having various tracks such as water trough, PAVE, gradient (7? & 10.2 ?), turning circle diameter and general highway running. Our R&D team has latest CAD tools, CAE software and virtual simulation tools to enhance the predictive capability and substantially reduce the product development time.

New Developments i. Galaxy to offer

12 meter Intercity Coach Electric Bus

Best in class performance.

Luxury in motion

Daily operational range -1,000 Kilometres

47 passenger capacity

Specious driver cabin for long distance driving with minimum tiredness

Bus power & battery durability are prioritized by a unique power management technology.

World class IM and IL safety standard.

ii. e-BIZLIFE to offer

Bus 9-meterand12-meterlowfloor Electric

54 corporate leaders capacity

Daily operational range 300 Kilometres

Offers a stress free and noiseless commute

Loaded with new-age-technology to ensure exceptional performance

Majority of the product is customized as per customer needs.

PLM Introduction

Our R&D team has improved the

Lifecycle Management (PLM) software. The new improved digital platform ensures concurrent, coherent and seamless release of engineering and manufacturing bill of material and aids in the first time right New Product Development (NPD) PLM has helped our R&D team and other user divisions in terms of data automation, data protection, data security, component rationalisation and scalability of products they develop. It has also helped to enable speedy data access and design modifications.

Regulatory and Safety technologies

Environment sustainability and climate control are the major initiatives of the Company. Through development of energy efficient products and using the latest technologies, we strive to contribute for reduction of carbon footprints. Through the development of various technologies like light weighting, acceleration control strategies, brake regeneration, power train matching and usage of energy efficient drives, our R&D team has been able to develop energy efficient products which are best-in-class, sustainable and cost-competitive. Our R&D team has embarked on development of newer technologies like an Electronic Braking System (EBS), Electronic Stability Control (ESC), Advanced Driver Assist System (ADAS), automotive cybersecurity, and remote diagnostics which are necessary for our products to have a global reach.

Preparation is currently on for the forthcoming regulations, from an export homologation point of view. Our R&D team is also gearing up for exporting the homologation for ECE, GSO and ADR. We are looking forward to exports to Belgium, Singapore, Dubai, South Africa, Australia, and Mauritius, in addition to the SAARC countries. Our R&D team has now buckled up to the next level NPD for fulfilling the global vision of the Company with a global mindset.


i. PLM (Product Lifecycle Management)

PLM software enable to maintain detailed, time-stamped, historical information of changes in product versions to ensure audit trails are intact. It helps to reduce the risk of fines, delays and lost sales due to non-compliance. PLM software makes it easier to manage products after they leave the factory and to avoid redundant inventories due to engineering changes in the product.

ii. MES (Manufacturing Execution System)

MES is energy improved product tracking and genealogy which is essential to meet regulatory compliance and transparency requirements. Real time monitoring of manufacturing process through visualisation of real time production entry, defects entry, line stoppages and its recording of various process parameters against each identified vehicle. This helps the operator to see and confirm the work instructions as per the vehicle / of Product model they are supposed to manufacture automatically.

GST Compliance

. Integrated solution for e-Invoicing, E-waybill and GST


Pillar audit tool

JBM Auto has been consistently investing in technology and digitisation. As an organisational objective, to include digitisation and strengthen governance mechanisms, we have started a journey to migrate our audits and assessments as well as business planning, consolidation, and review process to digital SaaS platform/s.

MDM (Master data management)

MDM involves creating a single master record for each person, place, or thing in a business. This process enables to avoid the duplication of records. With workflow in place, it ensures that the all-stake holders are involved to create/ change the correct master data. We have implemented MDM for Vendor Master and Indirect Material Master.


Central Monitoring System (CMS) being used for consolidating cameras for whole group is at one location. It is helping in monitoring the plant infrastructure from a security point of view from one single location. Security in-charge is able to monitor and control the security system of plants. Further there are certain analytics for CCTV data are also part of CMS, like object intrusion, human intrusion, camera tampering.

SaaS Solution for EV Charging

JBM Auto has launched its own application for EV chargers. Users can locate JBM chargers on their mobile devices at any point of time. The application provides a facility to end users in selecting changers for their choice. Currently the application is working for B2B segment, but the platform is ready for B2C also. The application also, provides complete detail for chargers to our team, which helps them to work proactively to maintain and manage the services.

Remote Diagnostic AI for Battery Business

To comply with AIS-038 Phase -1 (Effective from December 2022), battery data storage on cloud server is mandatory. We installed a telematics device in bus for batteries data monitoring and implementation of AI based battery are predictive model for batteries warranty tracking accordingly. This has multiple advantages including:

AIS-038 Compliance fulfilment (statutory)

Battery life monitoring and advance alert(s) for battery replacement actions to avoid downtime losses later on.

(After sales TAT time improvement)

Overall TAT improvement by advance warning / alert(s) helping to execute root cause analysis & proactive actions by after sales support team and reduce TCO.


Our robust risk management framework comprises of comprehensive procedures apt for managing and controlling both internal and external risks to our business growth. The risks are broadly classified into strategic risks, operational risks, financial risks and statutory compliance risks. Based on factors such as past year experience, probability of occurrence, probability of non-detection and its impact on business, we rate the various risks. High probability risks with high impact are closely monitored by the top management quarterly. The management reviews and presents a detailed report on strategic risks along with a risk mitigation plan to the Board of directors on a half-yearly basis. The annual planning process takes into consideration the strategic risks with their mitigation plan. Quarterly, internal audit monitors business process risks and the related controls. The risk ratings are evaluated with the top management as part of the internal audit process. Across locations, risks from extreme events are closely monitored. Every alternate year, the overall re-assessment of risks at the Company level is carried out and presented to the Board of directors.

Market Risk

Being a significant part of the automobile are dependent on the events impacting the industry growth.

Mitigation measure: We continuously strive to expand our customer base by adding new customers and offering new products to existing customers. Our strategy to diversify into new segment help us to mitigate risks arising from macro-economic factors. However, we remain committed to improve our quality and cost effectiveness in existing products, as well.

Competition Risk

Given the lucrative growth prospects of the automobile sector, especially in the EV space, there exists a risk of rising competition from new players / start-ups or stepping up in competitive pressure from existing players. It is imperative for us to maintain our brand equity to remain competitive in the market.

Mitigation measure: Our long-standing relationship with automakers, technologically advanced manufacturing facilities and best-in-class processes enable us to deliver superior quality to the customers at competitive prices. We periodically conduct customer surveys to understand the needs of our customers. This not only enables us to strengthen our bond with our customers but also in new product development, enabling us to make our offerings relevant and competitive.

Quality/ Process Risk

Quality and delivery are sacrosanct for the safety-critical products supplied by the Group Mitigation measure: We ensure our manufacturing processes are robust and efficient led by employing skilled manpower and providing job skill enhancement training. We are committed to enhancing our supplier capabilities and adopt technological developments to ensure superior quality and processes.

Raw Material (Input) Price Risk

Fluctuation in prices and/or availability of raw materials may have a direct impact on our earnings

Mitigation measure: We manage our input costs by (a) adopting an efficient procurement function aimed at cost-reduction through alternate sourcing, localisation, etc. (b) negotiating and passing through input cost, which increases suitably to the customers and (c) improving our process efficiencies, yields, etc

Interest Rate Risk

Increased in Borrowing Funds may lead to interest rate risk and impact profitability.

Mitigation measure: We maintain an optimal debt-equity of less than 1 and constantly strive to optimise our working . capitaltoeffectively manage ourinterest burden


JBM Auto is a pioneer and a strong advocate of sustainability, which is highlighted by one of our five core values "Safe & Green". Sustainability is thus inherent and embedded into the organisational DNA since inception. In line, all our plants are ISO 45001 and ISO 14001 certified and comply with relevant legal requirements / law of the land.

Energy being complementary part of environment has led us to integrate energy along with EHS to rename it as EEHS. We drive all aspects of EEHS through Process & System Assessment and Performance Measurement technique. Process & System Assessment is done through Digital & Advanced 6S Audit and 12 Pillar Comprehensive Business Excellence Assessment Model. Performance measurement is done through a comprehensive scoring mechanism, which is used to evaluate the improvement performance of each plant.

Energy & Environment Management

Our unique "PANCHTATTVA" approach across our plants focusses on improving and optimising our resources utilisation aspects i.e., Prithvi in the five (Soil Conservation), Agni (Energy Conservation), Vayu (Air Conservation), Jal (Water Conservation) & Akash (Space Utilization). Various initiatives under each head are taken to reduce our overall carbon footprint. We drive multiple energy conservation projects through GTC (Generation, Transmission and Consumption Optimization) approach. We are working to make our plants Zero Liquid Discharge as well as reduction of specific water consumption. We are also working to reduce fuel consumption as well as hazardous / non-hazardous waste reduction. Through our group-level drive, "SANKALP SIDDHI", we strive to increase green cover in JBM units. Our e-buses have clocked over 50 million Kilometers till date and pledged to clock over 1 billion Kilometers in next 3-4 years.

Occupational Health & Safety Management

Our three non-negotiable values ISQ (Integrity, Safety & Quality) showcase our commitment towards the health and safety of our employees. Our EHS policy defines our approach and management commitment towards all aspects of safety. Under Sankalp Se Siddhi 3.0 drive, we have adopted a slogan of "No injury & ill health at workplace by adhering to safe working culture through implementation of robust safety assurance system". To achieve our safety goals, we have "Safety Functional Mandate" consisting of fivelevels Behavior Based Safety, Machine Control Safety, Incidence Analysis, Process & System Standardization and lastly safety system governance & sustenance. Under Sankalp Siddhi, we conduct multiple engagement activities across plants for employees to improve on physical, mental and spiritual health aspects.


JBMA has created long-term value for its stakeholders given our relentless focus towards enhancing technology, enabling innovation and empowering people. We are leveraging our expertise to tackle unique challenges by transforming them into opportunities to ensure sustainable growth in future. Our success over the past year is a testament to the dedication of our employees and their passion for redefining public transportation. As we continue to evolve and embrace change, we continue to focus on leadership, excellence, agility and performance. We provide an agile and dynamic environment that enables every JBMite to maximise performance and value for all stakeholders.

We have successfully launched JBM L&OD Framework catering to people capability development and solving real-time business issues though various initiatives & interventions by adopting best-in-class practices.

We have successfully launched our e-learning platform, aimed at empowering individuals to enhance their skills and knowledge. This innovative platform has provided accessible and flexible learning opportunities to a wide range of users, enabling them to thrive in todays digital landscape. JBMA has made significant Talent reviews are conducted periodically to assess and develop employees skills and competencies. These efforts have resulted in a highly skilled and motivated workforce, which has contributed to the companys overall success. JBMs focus on talent management has also ensured that the company is well-positioned to address any future talent needs.

We have successfully implemented and running the HR People Capability Maturity Model (PCMM), a framework that helps organisations to assess the maturity of their HR practices and processes and identify areas of improvement.

We are successfully running skill development Centres to provide training and upskilling opportunities to its employees. The Skill Development Center has helped the JBMA to build a highly skilled and competent workforce capable of meeting the ever evolving needs of the business. We have tied up with various institution to increase catchment area of talent development.

We have successfully automated our HR processes to improve an HR management system that streamlines various HR processes, including recruitment, on boarding, performance management, and payroll. The automation of HR processes has helped us to improve efficiency, reduce manual errors, enabling people to focus on more strategic and value added initiatives.

JBMA successfully strengthened its total rewards function, which encompasses employee compensation, benefits, and recognition programmes. We also established an HR Shared Service Center, streamlining and centralising HR processes and services. The Shared Service Center is a step towards providing a single point of contact for employees, ensuring consistency and initiative improved the employee experience by simplifying administrative tasks, accelerating response times, and providing access to HR expertise.

We also witnessed the launch of third leg of Sankalp Siddhi initiative in the form of Sankalp se Siddhi 3.0, an initiative driven by the chairman himself that aims for Organizational and Self development. The self-aspect, represented by the Wheel of Life, focusses on employees efforts in spirituality and ethics, physical and health, family and home, mental and education, finance and career, and social and culture while emphasising on the commitment to organisational transformation with a quantum leap approach, while maintaining a strong foundation of discipline, accountability, and positivity.

JBMA successfully drove the One JBM initiative to give a uniform experience to the new joiners across all the locations. The initiative included a standardised on boarding process, a common induction programme, and a comprehensive orientation programme to help new joiners acclimate to the organisations culture and values.

Owing to the launch of a comprehensive blue-collar manpower strategy that includes a uniform policy, efficient contractor management, JBMA aims to succeed significantly in eliminating legal risks and ensuring smoother operations and harmonious industrial relations by implementing these measures. These efforts shall result in improved productivity, better employee morale, and a positive impact on the companys bottom line.

More accolades were added to our decorated tally of awards in the form of "Annual HR Excellence Award 2022" by ASSOCHAM and "CII National HR Excellence award". Overall, JBMA last year journey, Sankalp Se Siddhi 3.0 initiative, seamless HR processes, and core values of ISQ are all aligned towards creating a sustainable future for the company.


We have a robust and comprehensive internal control reducemanualerrors.Weupgraded systems commensurate with the size and complexity of our business operations. It enables the safeguarding of assets against misuse or loss. The internal control framework is designed to effectively and usefulness of financial, accounting and operational controls on a regular basis. According to our Management, the internal control systems is adequate to ensure that all transactions are authorised, recorded and reported correctly. We have laid down adequate procedures and policies to guide the operations of our business. Unit/functional heads are responsible for ensuring compliance with the policies and procedures laid down by the management. The Company has implemented ERP systems with the aim of maximising automated control transactions and digitisingHRoperations.This all critical control processes. The Internal Audit function conducts periodic verification of controls for smooth and accurate operations. The Audit Committee approves the internal audit plan at the beginning of each fiscal year which is aligned with critical business risks, new business endeavours as well as key process risks.

To further strengthen internal controls, The company has implemented Analytics tools which fetches data from ERP system. The Tool covers certain critical areas of key business processes viz Procure to Pay, Order to cash, Record to Report etc. The Tool helps audit team in providing timely information on any Control Gaps in any of the critical areas and ensures timely and pro-active actions.


In the year gone by, we trained and placed more than 2,200 candidates taking the last eight years cumulative total to 12,000. We have signed an MoU with the Andhra Pradesh State Skill Development Corporation to engage and implement Apprenticeship based training programmes for fresher, ITIs, Diploma and Graduate candidates. We have signed an MoU with the Bihar Skill Development Mission for providing apprenticeships to 100 candidates. Under the MoU with Directorate of Industrial Training Arunachal Pradesh, we are training 24 candidates. Under the Industry Institute partnership, we have associated several ITIs, specialised training institutes viz. NSIC, MSME Technology Centers, and State Skill Universities to provide practical training support to students in our plants.

We are supporting Shri Vishwakarma Skill University as an Industry Partner to offer B.Voc. Programmes in Tool & Die Manufacturing and Robotics & Automation. Approximately 109 candidates have benefited of OJT and 14 candidates have been provided regular employment in the Company. Our SDC has also partnered for employee qualification up-gradation through Recognition of Prior Learning (RPL) in higher education and a batch of 15 employees are undergoing graduate programme.


The report may contain certain statements that the Company believes are, or may be considered to be "forward looking statements" that describe its objectives, plans or goals. All these forward-looking statements are subject to certain risks and uncertainties, including but not limited to Government action, economic developments, risks inherent to the Companys growth strategy and other factors that could cause the actual results to differ materially from those contemplated by the relevant forward looking statements.