Shares of India’s top-selling ambulance maker and manufacturer of Light Commercial Vehicles, with a market leader in the industry with over 65% market share, gained 5.8%.
Force Motors Limited shares were trading at Rs 2,613, up 4.77 percent, at 2:10 p.m., after the company announced higher sales for the month of June 2023.
As per the Exchange filing, Company reported Domestic sales grew by 12.8 percent to 2,431 automobiles in June, up from 2,154 vehicles the previous month. And Reported a 15.3 percent decrease in June output to 2,394 units compared to 2,828 units in May 2023. its exports fell to 440 units from 491 automobiles in May.
In the previous three months, the company’s share price has risen from Rs 1,287.15 to its present level, giving multibagger gains of 103%. As a result, if an investor purchased 1 lakh shares of a company in the previous three months, their holdings are now worth 2.03 lakhs!
Force Motors Ltd manufactures fully vertically integrated small and light commercial vehicles, multi-utility vehicles, and agricultural tractors. The firm serves both domestic and foreign markets.
According to the company’s financials, Operating revenue climbed by 69 percent to Rs 1,490 crore in Q4FY23 compared to the previous year quarter. Similarly, net profit increased by 482% to Rs 149 crore.
Revenue grew by 55% yearly, from Rs 3,240 crore in FY 21-22 to Rs 5,028 crore in FY 22-23. Within the same time period, net profit increased by 305 percent, from a loss of Rs 74 crore to a profit of Rs 152 crore.
As of FY 22-23, the promoters owned 61.63 percent of the company, Foreign Institutional Investors owned 2.72 percent, and Retail investors owned 33.33 percent.
Written By Omkar Chitnis
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