Shares of Force Motors Ltd. hit a fresh record high on Thursday, July 24, after the company reported a healthy set of earnings in the first quarter.The June quarter topline growth was volume-led, mainly in schools, ambulances and intra-city transport verticals.
The company’s profit increased 52% in the first quarter to ₹176 crore compared to ₹116 crore in the year-ago period. Its revenue was up 22% at ₹2,297 crore from ₹1,885 crore in the June quarter last fiscal.
Force Motors’ earnings before interest taxes depreciation and amortisation (EBITDA) increased 33% to ₹331 crore from ₹249 crore in the previous year. Its margin expanded to 14.4% from 13.2% in the year-ago period.
The company’s first quarter volumes increased 19% from the previous year. Domestic volumes were up 26%. Its realisation was up over 2.5% and gross margin was slightly lower, but remained above 26%.In March this year, Force Motors had received an order to supply 2,978 Force Gurkha light vehicles to the Indian Defence Forces. The stock was part of CNBC-TV18’s Midcap Microscope.
The company’s profit increased 52% in the first quarter to ₹176 crore compared to ₹116 crore in the year-ago period. Its revenue was up 22% at ₹2,297 crore from ₹1,885 crore in the June quarter last fiscal.
Force Motors’ earnings before interest taxes depreciation and amortisation (EBITDA) increased 33% to ₹331 crore from ₹249 crore in the previous year. Its margin expanded to 14.4% from 13.2% in the year-ago period.
The company’s first quarter volumes increased 19% from the previous year. Domestic volumes were up 26%. Its realisation was up over 2.5% and gross margin was slightly lower, but remained above 26%.In March this year, Force Motors had received an order to supply 2,978 Force Gurkha light vehicles to the Indian Defence Forces. The stock was part of CNBC-TV18’s Midcap Microscope.
The company was declared as the L1 vendor for the procurement of the vehicles by the Indian Defence Forces.
Shares of Force Motors gained nearly 20% to hit a fresh record high of ₹20,500 in trade on Thursday, July 24. The stock was up 12.73% at ₹19,322 apiece at 11.25 am. It has gained 40.85% in the past month and 191.5% this year, so far.
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(Midcap Microscope Research by Nigel D’souza)
