Force Motors gains up to 4% after April sales rise 43%

Shares of Force Motors rallied up to 4% on Monday, May 6, to touch an intraday high of ₹9,880 apiece on the NSE after the company reported strong numbers in its monthly updates for April 2024.

The automaker, in its monthly business update released on May 3, reported a growth in sales numbers across both the domestic and export categories.

The company’s total sales, which include the sales of Small Commercial Vehicles (SCV), Light Commercial Vehicles (LCV) and Utility Vehicles (UV), surged over 43% to 2,624 units in April, according to a stock exchange filing. The company sold 1,828 vehicles in the same month of the previous year.

The company’s domestic sales have increased by 36% to 2,268 vehicles sold in April. In the same month of the last year, the company sold 1,662 vehicles.

Force Motors’ exports have increased by 114.46% on a year-on-year basis from 166 vehicles sold in April 2023 to 356 vehicles sold in April 2024.

Force Motors Q4FY24 Results

The automobile major's consolidated net profit tanked 4.3% year-on-year (YoY) to ₹140.3 crore even as the company’s revenue grew by 35% year-on-year to ₹2,011.2 crore.

The company reported an EBITDA (earnings before interest, taxes, depreciation, and amortisation) of ₹278.7 crore, the company’s EBITDA was ₹120.8 crore in the corresponding period of the previous fiscal. The company had an EBITDA margin of 14% in Q4FY24.

Force Motors also announced a dividend of ₹20 per share for the financial year 2023-24.

“Recommended a dividend of ₹20/- (Rupees Twenty only) (200%) per equity share of ₹10/- each, for the Financial Year ended March 31 2024,” the company said.

Force Motors is a fully vertically integrated automobile company. The company has an expertise in design, development and manufacture of the full spectrum of automotive components, aggregates and vehicles, according to the website.

Shares of Force Motors closed 2.61% higher at ₹9,749 apiece on the NSE.