JBM Auto Ltd reported impressive growth in its Q2 FY24 financial results, posting a 188.6% year-over-year increase in standalone net profit to ₹30.42 crore, up from ₹10.54 crore in the same quarter last year. Revenue from operations also saw significant growth, reaching ₹1,099.64 crore, compared to ₹807.57 crore in the previous year. Total standalone income for the quarter stood at ₹1,118.43 crore, up from ₹815.21 crore in the prior year.
The company’s board has proposed a stock split, recommending the subdivision of each equity share with a face value of ₹2 into two shares with a face value of ₹1 each. This move awaits shareholder approval through a postal ballot, and the record date will be set following this authorization.
Despite these strong quarterly results, JBM Auto’s stock saw a 1.30% drop today, closing at ₹1,549.60 per share on the BSE. This follows a 10% decline over the past week and a 23% drop over the last three months. However, on a longer-term basis, the stock has performed exceptionally well, with a 283% gain over the last two years and a notable 567% return over three years.
In terms of institutional interest, foreign institutional investors (FIIs) and foreign portfolio investors (FPIs) slightly reduced their holdings from 3.30% to 3.26% in the September 2024 quarter, though the number of FII/FPI investors increased from 92 to 95. Mutual fund holdings also rose marginally from 0.05% to 0.06% in the same period.
JBM Auto has a consistent dividend history, with 18 dividends declared since 2006. Over the past year, the company announced a dividend of ₹1.50 per share, giving it a dividend yield of approximately 0.10% at the current share price.
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