JBM Auto Q2 Results Review - Firing On All Cylinders: Dolat Capital
Strong upcycle for PVs for next two years; encouraging revenue potential in tooling business, increasing scale in bus division.
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Dolat Capital Report
JBM Auto Ltd. printed a remarkable performance in Q2. Net revenue jumped 19% QoQ to Rs 10.3 billion led by 59% QoQ growth in the original equipment manufacturer business (bus division), 12% in component business, and 74% in tooling division.
Operating margin stood at 9.9% (up 20 bps QoQ).
We maintain positive view on JBM Auto led by-
strong upcycle for passenger vehicles for next two years;
encouraging revenue potential in the tooling business (high margin up 25%) and
increasing economies of scale in the bus division.
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