Companies

JBM Auto posts net profit of ₹12.18 cr in Q1

PTI New Delhi | Updated on August 11, 2021

The company’s board has approved raising of ₹500 crore

Auto components maker JBM Auto on Wednesday reported a consolidated net profit of ₹12.18 crore in the first quarter ended June 30, 2021.

The company, which had posted a consolidated net loss of ₹25.87 crore in the same period last fiscal, said its board has approved raising of ₹500 crore.

Consolidated revenue from operations during the period stood at ₹546.80 crore as against ₹129.08 crore in the year-ago period.

During the quarter, revenue from the components division stood at ₹402.63 crore, which was at ₹62.30 crore in the year-ago period. The tool room division had a revenue of ₹57.34 crore, up from ₹38.93 crore in the corresponding quarter last fiscal, it added.

The company further said its original equipment manufacturing (OEM) division clocked revenue of ₹87.01 crore as against ₹27.82 crore in the same period last fiscal.

JBM Auto said its operations and financial results for the quarter ended June 30, 2021, have been adversely impacted by the outbreak of Covid-19 pandemic due to which the operations were suspended for part of May and gradually resumed with requisite precautions.

On the matter of fundraising, JBM Auto said its board of directors in a meeting held on Wednesday approved issuance of securities through various options/instruments such as further public offering, private placement basis or qualified institutional placement.

The proposal for issuance of securities will be for an amount not exceeding ₹500 crore subject to the approval of shareholders in the ensuing annual general meeting of the company, it added.

Published on August 11, 2021

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