JBM Auto (JBMA)'s reported strong operating margin at 11.6% (+39bps YoY) amid challenging environment led by better product mix (increase in revenue from tooling and bus division) and cost control measures. Net revenue fell by 21% YoY to Rs. 4.75bn led by de-growth in component division (-38% YoY) was partially compensated by ramp up in the bus business and a robust growth in the tooling business. The company is taking various cost optimization initiative such as reduction in manpower cost (Shift management) and administrative...