Atul Auto zooms 12% on sharp surge in March, FY23 sales

The firm reported a 114.56 percent increase in its sales for March at 3,154 units from 1,470 in the year-ago period. In FY23, the three-wheeler manufacturer’s sales climbed 59 percent to 25,549 units from the previous year

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Shares of Atul Auto Ltd jumped 12.5 percent in the morning trade on April 3 after the three-wheeler manufacturer reported a sharp surge in total monthly sales.

At 10.40 am, the stock was trading at Rs 346 on BSE, up 11 percent from its previous close even as the benchmark Sensex was up 0.01 percent at 58,988 points. This year, Atul Auto has gained 24 percent.

The firm reported a 114.56 percent increase in sales in March to 3,154 units from 1,470 in the year-ago period. For fiscal year 2022-23, the firm’s sales climbed 59 percent to 2,5549 vehicles from 16,061 units in the previous year.

The firm informed exchanges that veteran investor and Atul Auto director Vijay Kedia raised stake in the company to 8.4 percent. Kedia converted warrants that were issued to him at Rs 198 a share in October 2022, raising his holding by 7.05 percentage points from the 1.35 percent held through Kedia Securities.

The company makes passenger and goods vehicles that run on various fuels, including CNG, LPG and electric power. It has a presence in over 21 states with 200 primary and 130 secondary networks, the company’s website says.

In Q3FY23, the company’s revenue surged 32 percent on-year to Rs 1.24 billion. Its EBITDA grew to Rs 85 million from a loss of Rs 75 million in the year-ago quarter.

The company was recently selected as one of the suppliers by the government body Convergence Energy Services Limited (CESL) for its 100,000 units electric 3W tender.