JBM Auto shares rise over 3% after deal with MUON India for 2,000 electric buses

According to an exchange filing, the company said, "Based on the agreement, JBM had received an initial order for 43 buses in April 2024 and started to deliver the buses within just 1 month from the date of the order. Moreover, the company has successfully able to complete the delivery by 10th June 2024".

Macquarie Group has introduced an EV financing platform for India named Vertelo. This platform will provide financing, fleet Management, and charging infrastructure solutions, the regulatory filing informed.

Following the announcement at 3:24 pm, shares of JBM Auto closed 3.62% higher at ₹2,098 apiece on the NSE.

Nishant Arya, Vice Chairman and Managing Director of JBM Auto, told CNBC-TV18 that the company is targeting a revenue of ₹3,000 crore in the EV business in the financial year 2024-25 and is expecting to deliver around 2,500 electric vehicles in the current year.

The company posted a net profit of ₹55.7 crores in Q4 FY24, up 98.6% from ₹28 crore in the year-ago period. The revenue from operations stood at ₹1,485.9 crore in the latest March quarter, reflecting a 47.1% increase year-on-year (YoY).

The company's board had also recommended a final dividend of ₹1.50 for FY24.

JBM Auto manufactures and sells sheet metal components, tools, and buses, as well as spare parts, accessories, and bus maintenance contracts.