Force Motors gains on strong Q4 results

The stock moved higher by 3% to Rs 3,510, bouncing back 4.5% from intra-day low on the BSE.

Force Motors has moved higher by 3% to Rs 3,510, bouncing back 4.5% from intra-day low on the BSE, after the company reported 59% growth in standalone net profit at Rs 73.74 crore for the fourth quarter ended March 2016 (Q4FY16), on the back of robust operational income.

The automobile company had registered a profit of Rs 46.28 crore in the year ago quarter.

Net sales of the company increased by 30% at Rs 903 crore against Rs 695 crore in the corresponding quarter of the previous fiscal. Earnings before interest, taxes, depreciation and amortization (EBITDA) margin improved 300 basis points to 11.9% from 8.57%.

In the past two-months, the stock has outperformed the market surging 55% as compared to 11% rise in the benchmark S&P BSE Sensex.

At 02:30 pm, the stock was trading at Rs 3,477 after hitting low of Rs 3,360 on the BSE in intra-day trade. As many as 409,000 shares have already changed hands so far in the counter against an average 110,000 shares that were traded daily in past two weeks on the BSE.