Force Motors tumbles on posting Q3 loss of Rs 19 cr

Force Motors fell 2.88% to Rs 1364.9 after the commercial vehicle maker reported a consolidated net loss of Rs 18.98 crore in Q3 FY21 as against net profit of Rs 13.8 crore in Q3 FY20.

Net sales tumbled 43.5% to Rs 491.18 crore in Q3 FY21 from Rs 869.11 crore in Q3 FY20. The result was announced after market hours on Friday, 12 February 2021.

Force Motors said the impact of COVID-19 pandemic continued to be seen in current quarter and is expected to affect the operations of the company in forthcoming quarters.

Force Motors posted a pre tax loss of Rs 20.53 crore in Q3 FY21 as against profit before tax of Rs 8.72 crore in Q3 FY20. Total expenditure fell 41.9% year on year to Rs 466.56 crore in Q3 FY21.

 

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.

Powered by Capital Market - Live News