JBM Auto launched India’s first indigenously designed and manufactured electric luxury coach, JBM GALAXY, at Auto Expo 2023 on January 11 but it seems to have failed to impress investors.
At 10.40 am, the stock was trading flat at Rs 530.80 on the NSE, up 0.3 percent. The stock has gained 18 percent in the past six months but has shed 15 percent in the past year.
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The launch marks a historic shift for the coach industry so far dominated by foreign players, the company said in a press release.
The coaches have high floors and are equipped with infotainment systems, modern utilities like wifi, mobile charging ports and reclining seats. They have a seating capacity of 45 passengers and are powered by high energy density advanced chemistry lithium-ion batteries offering a range of upto 1000 kilometers per day, the release said.
“This launch completes our product offering in the commercial passenger segment that will contribute to sustainable and efficient public transport across the country," Nishant Arya, Vice Chairman, JBM Group said.
At the Expo, JBM Auto also showcased three new products in its electric bus series that cater to diverse platforms like city, staff and school segments. The company has over 1,000 electric buses plying in over 12 states in India and has served over 10 crore passengers till date.
As per reports, the company is also in fray to bag Rs 3000 crore tender for 4,675 electric buses by CESL (Convergence Energy Services Limited).
In Q2FY23, the company's consolidated net profit rose 43 percent year-on-year to Rs 36.18 crore on 36.7 percent rise in net sales to Rs 1,029.24 crore.
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