Force Motors hits 52-week high on turning profitable in Q1

Shares of Force Motors Limited raced 10 percent to hit a 52-week high of Rs 3,040 and are locked in the upper circuit on August 9 after the automobile company turned profitable in the April-June quarter.

The company has reported a consolidated profit of Rs 68.6 crore for the quarter ended June FY24, against a loss of Rs 16.6 crore in the year-ago period, the company said in an exchange filing on August 9.

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The company’s revenue from operations increased to Rs 1,487 crore, marking a jump of 54 percent from the Rs 970 crore reported in the corresponding quarter of the previous fiscal.

In the quarter under review, the Pune-headquartered company’s other income surged 83 percent to Rs 114 crore as against Rs 67 crore in the same quarter last year.

Last month, Force Motor’s sales increased by 12.8 percent to 2,431 units in June against 2,154 vehicles in the previous month. Force Motors reported a 15.3 percent fall in its June production number at 2,394 units against 2,828 units in May 2023. Its exports, too, dropped to 440 units from 491 vehicles in May 2023.

Force Motors manufactures a range of vehicles including small commercial vehicles (SCV), light commercial vehicles (LCV), multi-utility vehicles (MUV), special cross Country vehicles and agricultural tractors.

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