Shares of Force Motors opened higher on Tuesday and continued to gain to hit the 20 per cent upper circuit. Its shares were locked at ₹ 1718.70 apiece on the National Stock Exchange (NSE). This price also marks its new 52-week high.
Force Motors is the flagship company of the Abhay Firodia Group. It manufactures vertically integrated small and light CVs (commercial vehicles), multi-utility vehicles, and agricultural tractors. These vehicles are supplied to various countries in the Middle East, Asia, Latin America, and Africa.
On a consolidated basis, the company reported a profit of 146.62 crores for the January to March quarter (Q4FY23), against a loss of 42.77 crores in the corresponding quarter last year (Q4FY22). Its revenue rose 69.06 per cent to ₹ 1,490.25 crores in Q4FY23, against ₹ 881.47 crores in Q4FY22.
For the entire year (FY23), it reported a net profit of ₹ 133.74 crores, against a loss of ₹ 90.99 crores in the previous year (FY22). Its revenue climbed 55.20 per cent to ₹ 5028.98 crores in FY23, against ₹ 3,240.42 crores in FY22.
The automaker’s board has also recommended a dividend of ₹10 per equity share of face value of ₹ 10 each (100 per cent) for FY23.
Force Motors is a small-cap company with a market capitalization of ₹ 1,887 crores. It has an ideal debt-to-equity ratio of 0.57 and a dividend yield of 0.70 per cent. Its promoters hold a 61.63 per cent stake in it followed by retail investors with 33.71 per cent, foreign institutions with 2.72 per cent, mutual funds with 1.61 per cent and other domestic institutions with 0.33 per cent.
Written By Simran Bafna
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