Force Motors Sees 71% Profit Surge in Q1 2024

Force Motors reported a 71% increase in consolidated net profit for Q1 2024, amounting to Rs 116 crore. Revenue grew to Rs 1,885 crore, compared to Rs 1,487 crore in the same period last year. Despite this, shares fell 8.21% to Rs 9,476.50 on the BSE.

Force Motors on Tuesday announced a 71% surge in its consolidated net profit for the first quarter ended June 30, 2024, reaching Rs 116 crore.

This is a significant rise from the Rs 68 crore net profit recorded during the same period in the previous fiscal year. The automaker also reported an increase in revenue from operations, totaling Rs 1,885 crore for the period under review, compared to Rs 1,487 crore a year ago, according to a regulatory filing.

Despite the robust financial performance, shares of Force Motors dropped 8.21% on Tuesday, closing at Rs 9,476.50 apiece on the Bombay Stock Exchange (BSE).