Market News
2 min read | Updated on June 06, 2024, 12:48 IST
SUMMARY
Force Motors’ domestic sales of small commercial vehicles (SCV), light commercial vehicles (LCV), and utility vehicles (UVs) rose 13.88% YoY to 2,412 units during the month while exports plunged 63.34% YoY to 180 units.
Stock list
Force Motors’ May sales declines marginally, exports plunge
Shares of Force Motors were trading higher by over 2% on Thursday.
The company’s domestic sales of small commercial vehicles (SCV), light commercial vehicles (LCV), and utility vehicles (UVs) rose 13.88% YoY to 2,412 units during the month while exports plunged 63.34% YoY to 180 units.
The company’s total sales in May 2024 declined 1.21% compared to April 2024. Domestic sales grew by 6.34% compared to the previous month however exports sank by over 49%.
The company said it has discontinued its tractor business effective March 31, 2024. In May 2023, the firm had sold 36 tractors in the domestic market.
In the fourth quarter of the financial year, Force Motors saw its net profit fall by 4.31% YoY to ₹140.29 crore. The company’s total consolidated income for the quarter grew by 32.55% YoY to ₹2,025 crore. The operating earnings before interest, taxes, depreciation, and amortisation (EBITDA) surged 130.79% YoY to ₹278 crore during the quarter.
For the financial year ending on March 31, 2024, the company’s net profit jumped 190% YoY to ₹388 crore. The total consolidated income for FY24 was higher by 38.11% YoY to ₹7,031 crore. The company saw its diluted earnings per share (EPS) rise by 190.38% YoY to ₹294.54.
The board of directors had announced a dividend of ₹20 per share.
Force Motors offers SCVs, multi-utility vehicles (MUV), LCVs, and special vehicles. The firm is fully vertically integrated, making its own engines, chassis, gearboxes, axles, and bodies among other components.
Shares of the company have risen by nearly 92% since the beginning of the year. The stock has gained over 301% in the last one year.
About The Author
Next Story