Force Motors hits 52-week high after strong sales in Sept'23

The passenger vehicle maker's domestic sales increased 7.45% to 2,580 units in September 2023 as against 2,401 units sold in September 2022. As compared with August 2023, the domestic sales declined marginally from 2,601 units in September 2023.

Export sales stood at 393 units in September 2023, up 73.12% from 227 units sold in September 2022 while slipped 41.77% from 675 units sold in August 2023.

Total production jumped 33.15% to 3,438 units in September 2023 as compared with 2,582 units produced in September 2022. The production rose 13.39% last month from 3,032 units produced in August 2023.

Force Motors is engaged in manufacturing light commercial vehicles and utility vehicles, and engines. It is an automobile company, with a focus on design, development and manufacture of a range of automotive components, aggregates and vehicles.

The company reported consolidated net profit of Rs 68.59 crore in Q1 FY24 as compared with net loss of Rs 16.59 crore in Q1 FY23. Revenue from operations jumped 53.23% to Rs 1,487.55 crore in Q1 FY24 from Rs 970.80 crore posted in the corresponding quarter last year.

The scrip hit a 52-week high of Rs 4,173.95 on the BSE in intraday today.

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