JBM Auto to increase localisation of e-vehicle batteries -; aggregates; Stock hits new high

11 Jan 2022 , 09:54 AM

JBM Auto Limited, India’s leading automotive company has announced the acquisition of 51% stake in JBM Green Energy Systems Private Limited and JBM EV Industries Private Limited through its subsidiary JBM Electric Vehicles Private Limited. Post this stake acquisition, JBM Green Energy Systems Private Limited and JBM EV Industries Private Limited have become the indirect subsidiary companies of JBM Auto Limited.

As per regulatory filing, JBM Green Energy is engaged in manufacturing complete lithium-ion battery packs for electric vehicles, thereby working towards setting new benchmarks of localisation for manufacturing of electric vehicles as outlined in various government policy initiatives. With the same objective of enhancing indigenization, JBM EV Industries manufactures key aggregates and auto systems for electric vehicles.

Commenting on the stake acquisition, Nishant Arya, Vice Chairman & MD, JBM Auto Limited, said, “This stake acquisition is a true testimony to the fact that JBM Auto is committed towards its mission of commissioning the end-to-end e-mobility ecosystem completely localised in India. As a Company, we started working towards this mission since the announcement of FAME 1 and have, since then, developed synergies between our various businesses in critical e-mobility domains such as electric buses, battery technology, charging infrastructure and other aggregates”.

“With a long-term commitment towards zero emission technologies, JBM is consistently creating value for all stakeholders with every upcoming opportunity in the EV domain. We already have more than 25 local vendors for different EV products across India. With the apt support from the government to the sector in the form of various policies, we are at the right cusp of consolidating all our synergies to provide a one stop e-mobility solution.

We have already deployed our e-mobility platform solution in various states of India that has been tailored to provide optimum cost of ownership to the customer”, Mr. Arya further added.

JBM Auto’s 100% electric buses ECOLIFE have been already operating in various states such as Karnataka, Gujarat, Delhi-NCR region, Maharashtra, Andaman & Nicobar, etc. Infact, the recent flag-off of JBM ECOLIFE electric buses in Karnataka marks the first ever rollout of electric buses in the state.

The Company provides complete e-mobility ecosystem right from electric vehicles, charging infra, power infra to maintenance and support, thereby, providing optimum value to its customers.

JBM Auto Limited had registered a 22.74% increase in net profit to Rs25.19cr in Q2FY22 as compared to Rs20.52cr in Q2FY21. Sales including other operating income stood at Rs752.72cr compared to Rs517.35cr in Q2FY21, an increase of 45.50%. The Company recorded a profit before tax of Rs42.14cr in Q2FY22 as compared to Rs31.51cr in the second quarter in the previous year, an increase of 33.74%.

At around 9:53 AM, JBM Auto stocks trading higher by 4.92% at Rs1,564 per piece, after hitting  52-week high at Rs1,565.20 per piece on D-street.