SML Isuzu slumps 3% on flat August sales

Hot Stocks
admin
September 1, 2023
0
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8 minutes read

This drop in sales comes after a 23 percent yearly increase in vehicle sales in July

SML Isuzu, a jointly owned entity of the Japanese Sumitomo Corporation-Isuzu Motors and the Indian entity Swaraj vehicles, is engaged in the manufacturing of commercial vehicles like trucks and buses.

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SML Isuzu shares ended 3 percent down on September 1 after the auto company reported flat sales for August.

The company sold 1,005 units in August against 1,002 vehicles in the year-ago period. The company reported a 6 percent year-on-year (YoY) drop in cargo vehicle sales, while passenger vehicle sales were up 3 percent.

This drop in numbers comes after a 23 percent yearly increase in vehicle sales in the previous month.

In the first quarter of FY24, the company reported a 26.4 percent YoY rise in revenue from operations at Rs 632 crore. Net profit stood at Rs 32 crore against Rs 2 crore in the year-ago period.

The operating profit margins expanded by 400 basis points on a yearly basis to 7 percent. One basis point is one-hundredth of a percentage point.

SML Isuzu closed at Rs 1,308.45 on the National Stock Exchange, down Rs 39.90, or 2.96 percent, from the previous day.

SML Isuzu, a jointly owned entity of the Japanese Sumitomo Corporation-Isuzu Motors and the Indian entity Swaraj vehicles, manufactures commercial vehicles like trucks and buses. The vehicle maker has a factory in Punjab’s Nawanshahr, with a production capacity of 24,000 units per annum.

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