Force Motors rises as domestic sales soars 110% YoY in Nov'22

Force Motors advanced 1.86% to Rs 1,574.25 after the company registered 110.2% jump in domestic sales to 1,623 units in November 2022 from 772 units sold in November 2021.

As compared with October 2022, the domestic sales declined 22.3% last month.

Export sales aggregated to 329 units in November 2022, falling 9.12% from 362 units on a year on year basis while surging 229% from 100 units on a month on month basis.

The company's production in November 2022 was 2,073 units, up by 82.64% from 1,135 units produced in November 2021. The production slipped 5.5% last month from 2,194 units produced in October 2022.

 

Force Motors is engaged in manufacturing light commercial vehicles and utility vehicles, and engines. It is an automobile company, with a focus on design, development and manufacture of a range of automotive components, aggregates and vehicles.

The company reported a consolidated net profit of Rs 19.25 crore in Q2 FY23 as against net loss of Rs 1.07 crore posted in Q2 FY22. Net sales rose 34.8% YoY to Rs 1,264.07 crore in the quarter ended 30 September 2022.

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