This company’s fortunes are indelibly linked with that of Maruti Suzuki. And given the fact that Maruti had a flattish growth over Q4, one did not expect too much from this company. It posted a good performance for Q1FY15. The company yesterday declared its numbers wherein on a 10% (YoY) rise in total income at Rs.310 crore, the company posted a 33% rise in net profit at Rs.7 crore. Major cost reduction and higher other operating income helped.

This auto part and equipment making company is a JV between the JBM Group and Maruti Suzuki, which holds 29.25% stake. JBM Industries holds 2.85%. Total promoter holding at 58.57%. Around 90% of its business comes from Maruti while the rest is sold to Eicher Motors and M&M. A small cap and low volume company, returns are capped and fortunes are interminably linked with that of Maruti. With Maruti expected to do much better in coming months, Q2 could be much better.