BENGALURU (Reuters) – India’s Force Motors on Wednesday posted a first-quarter profit, boosted by a rise in demand.
The automobile company reported a consolidated net profit of 685.6 million rupees ($8.3 million) for the quarter ended June 30, compared to a loss of 166.1 million rupees a year ago.
Revenue rose 53.2% to 14.88 billion rupees.
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Sales of commercial vehicles have increased amid a pick-up in construction projects, as the Indian government pushed for higher capital expenditure in its last full budget ahead of a parliamentary election due in 2024.
The company’s larger rival Ashok Leyland beat quarterly profit estimates, while Escorts Kubota reported a near-93% jump in its first-quarter profit.
Valuation Estimates (next 12 Analysts’ sentiment
(next 12 months)
RIC PE EV/EBI Revenue Profit Mean # of Stock to Div
TDA growth growth rating* analysts price yield
Force Motors NULL NaN NULL NULL Strong 1 2.05 0.36
Ashok Leyland 20.33 17.55 13.48 52.39 Buy 32 0.93 1.42
Mahindra and 18.72 18.80 14.34 17.32 Buy 35 0.91 1.08
Escorts 27.39 20.80 10.50 35.77 Hold 8 1.16 0.27
* Mean of analysts’ ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** Ratio of the stock’s last close to analysts’ mean price target; a ratio above 1 means the stock is trading above the PT
APRIL-JUNE STOCK PERFORMANCE OF FORCE MOTORS VS PEERS
— All data from Refinitiv
— $1 = 82.8080 rupees
(Reporting by Ashish Chandra in Bengaluru; Editing by Varun H K)