India’s electric vehicle market is expected to grow to 1 crore units in annual sales by 2030 and is projected to touch about 27.2 million units by 2032 with a CAGR of 35 percent from 2023-2032 under business-as-usual conditions.
Listed Below are some of the EV stocks that have posted more than 100 percent growth in Net Profits in Q4FY24.
JBM Auto
JBM Auto Limited is an original equipment manufacturer engaged in the production of passenger buses, offering end-to-end solutions for various types of commercial and passenger vehicles, maintenance contracts for Buses, manufacturing, and selling sheet metal components, tools, dies & molds, including the sale of spare parts, and accessories.
With a market capitalization of Rs. 23,118 Crores, the shares of JBM Auto Limited were trading at Rs. 1,949.55, down 0.52 percent from its previous day’s close price of Rs. 1,959.70.
Its revenue from operations grew by 47 percent YoY from Rs. 1,010.06 Crores in Q4FY23 to Rs. 1,485.95 Crores in Q4FY24 and it grew by 10.38 percent QoQ from Rs. 1,346.17 Crores in Q3FY24 to Rs. 1,485.95 Crores in Q4FY24. Annually it generated a revenue of Rs. 3,857.38 Crores in FY23 and Rs. 5,009.35 Crores in FY24 indicating a growth of 29.86 percent YoY.
Its Net Profit grew by 119.93 percent YoY from Rs. 28.51 Crores in Q4FY23 to Rs. 62.50 Crores in Q4FY24 and it grew by 20 percent QoQ from Rs. 52.06 Crores in Q3FY24 to Rs. 62.50 Crores in Q4FY24. Annually it generated a profit of Rs. 125.14 Crores in FY23 and Rs. 193.73 Crores in FY24 indicating a growth of 54.81 percent YoY.
In Addition, the Board of Directors of JBM Auto Limited has recommended a Dividend of 75 percent i.e., Rs. 1.50 per equity share with a face value of Rs. 2 per share for the financial year 2023-24.
Recently JBM Auto Limited had been declared as the L1 bidder and awarded the tender as a bus operator for a consideration of Rs. 7,500 Crores from Convergence Energy Services Limited for the Procurement, Supply, Operation, and Maintenance of 1,390 Electric Buses and the development of allied electric and civil Infrastructure.
Omax Autos
Omax Autos Limited is engaged in the business of manufacturing and supplying sheet metal components tubular components and machine components for the automotive and railway segments. It provides chassis frame assemblies for Tata Motors.
With a market capitalization of Rs. 282 Crores, the shares of Omax Autos Limited hit a 2 percent upper circuit in the day’s trade at Rs. 132.30 from its previous day’s close price of Rs. 129.75.
Its revenue from operations grew by 12.71 percent YoY from Rs. 92.25 Crores in Q4FY23 to Rs. 103.98 Crores in Q4FY24 and it declined by 0.84 percent QoQ from Rs. 104.87 Crores in Q3FY24 to Rs. 103.98 Crores in Q4FY24. Annually it generated a revenue of Rs. 298.9 Crores in FY23 and Rs. 355.26 Crores in FY24 indicating a growth of 18.85 percent YoY.
Its Net Profit grew by 139 percent YoY from Rs. 6.93 Crores in Q4FY23 to Rs. 16.58 Crores in Q4FY24 and it generated a profit of Rs. 16.58 Crores in Q4FY24 from a loss of Rs. 0.26 Crores in Q3FY24. Annually it generated a profit of Rs. 11.65 Crores in FY24 compared to a loss of Rs. 24.33 Crores in FY24
In Addition, the Board of Directors of Omax Autos Limited has declared an Interim Dividend of 10 percent i.e., Rs. 1 per equity share with a face value of Rs. 10 per share for the financial year 2023-24.
Written by: Bharath K.S
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