JBM Auto trades higher after arm incorporates subsidiary in Singapore for EV business

The newly incorporated company has been incorporated to expand the company’s electric vehicle (EV) business internationally. The company is yet to commence operations and has an authorised share capital of 20,000 SGD.

Additionally, the company announced that its joint venture/subsidiary, JBM Ecolife Mobility, has incorporated a wholly-owned subsidiary called Ecolife Mobility Odisha (EMOPL). EMOPL has received the Certificate of Incorporation from the Ministry of Corporate Affairs.

JBM Auto stated that EMOPL has been incorporated to operate, run, and maintain electric buses for governments and state transport undertakings (STUs).

JBM Ecolife Mobility was in the news earlier this month when the company announced that it had secured $100 million in strategic funding from the Asian Development Bank and Asian Infrastructure Investment Bank. The company added that the funds would be used to supply and operate electric buses. Further, the company reported that 650 e-buses will be deployed in multiple states.

JBM Auto reported that it has a fleet of 1,500 electric buses across 10 states and over 15 major airports in India. The company has over 6,500 buses deployed and under execution in its order book.

For the quarter ended June 30, 2024, JBM Auto reported a 10% year-on-year (YoY) rise in its net profit to ₹33.18 crore. The company’s total revenue for the quarter was up 20.95% YoY to ₹1,144.50 crore.

In Q1FY25, the company reported a 25.04% YoY rise in its earnings before interest, taxes, depreciation, and amortisation (EBITDA) to ₹149.15 crore. Further, the company’s order book value stood at ₹45,000 crore.

Shares of the company have risen by nearly 15% since the beginning of the year. The stock has gained over 35% in the past year.