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

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NEW DELHI: Auto components maker JBM Auto on Wednesday reported a consolidated net profit after tax of Rs 12.18 crore in the first quarter ended June 30.

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

Consolidated revenue from operations during the period under review stood at Rs 546.80 crore as against Rs 129.08 crore in the year-ago period, JBM Auto said in a regulatory.

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

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

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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 Rs 500 crore subject to the approval of shareholders in the ensuing annual general meeting of the company, it added.