Force Motors Q1 results: Net profit jumps 69% to Rs 116 cr on high demand | Company Results
CV sales are often viewed as an indicator of economic activity in India.
Indian automaker Force Motors reported a 69 per cent rise in quarterly profit on Tuesday as it benefitted from increasing demand, boosting its shares 10 per cent.
The company, which also makes engines for BMW and Mercedes cars in India, said its consolidated net profit rose to Rs 116 cr (about $14 million) in the April-June quarter, from Rs 6,856 lakh a year earlier.
Force, which manufactures commercial vehicles (CV), including vans, school buses and ambulances, reported a 27 per cent rise in revenue to Rs 1,885 cr during the quarter, driven by a 10 per cent jump in sales volumes.
CV sales are often viewed as an indicator of economic activity in India.
CV manufacturers reported a 3.5 per cent rise in sales in the April-June period, defying market expectations, with analysts expecting a decline in sales due to India’s general elections during the quarter.
Economic growth, favourable government policies and a likely good monsoon are expected to fuel demand in the CV sector in fiscal 2025, according to an industry body.
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First Published: Jul 30 2024 | 4:02 PM IST
