JBM Auto (532605) Q4 23/24 earnings summary

Executive summary

• FY24 consolidated revenue rose 29.86% YoY to ₹5,009.35 crore; EBITDA increased 42.08% to ₹604.23 crore and PAT before NCI rose 54.81% to ₹193.73 crore.

• Business order book stood at ₹45,000 crore at 31 March 2024, with a five-year CAGR of ~21%; EV buses and the integrated e-mobility platform are central growth drivers.

• Auto components remained the largest revenue division, while OEM bus revenue more than tripled; tooling capacity expanded 25% to 1,250 dies annually.

Financial highlights

• Consolidated revenue from operations was ₹5,009.35 crore versus ₹3,857.38 crore in FY23; total income reached ₹5,029.67 crore.

• Consolidated EBITDA was ₹604.23 crore versus ₹425.26 crore in FY23; PBT was ₹246.10 crore versus ₹169.54 crore.

• Consolidated PAT before NCI was ₹193.73 crore versus ₹125.14 crore; comprehensive income attributable to owners was ₹177.80 crore versus ₹127.66 crore.

• Standalone revenue from operations rose 13.18% to ₹4,243.54 crore, while standalone EBITDA declined 13.33% to ₹325.65 crore.

Outlook and guidance

• Management expects double-digit topline CAGR over the next few years, supported by auto components, tooling and a growing EV business.

• The stated FY26 ambition is 1 billion e-kilometres, building on 150 million kilometres already clocked by the buses.

• A FY25 plan calls for introducing 3,000 additional e-buses; a separate outlook says the electric-vehicle subsidiary aims to deliver about 2,500 buses during the year.

• Management cited ~6,390 e-bus orders secured in FY24 and plans to deploy over 2,000 buses with MUON India over the next few years.