Force Motors Ltd (NS:FORC) witnessed a remarkable upswing as its shares surged by a substantial 10%, hitting an all-time high of Rs 3,040.1 each on Thursday. This surge came on the back of the company’s robust Q1 earnings report for the fiscal period ending June 30, 2023, signaling a strong resurgence in profitability.
The automaker managed to reverse its fortunes, posting a consolidated net profit of Rs 68.56 crore in the first quarter of the current fiscal year, in stark contrast to the net loss of Rs 16.6 crore incurred during the same period the previous year. This noteworthy transformation was fueled by the company’s exceptional operational performance during this quarter.
The financials showcase a 53% year-on-year (YoY) surge in revenue from operations, reaching Rs 1,488 crore in the June quarter, up from the previous year’s Rs 970.8 crore.
Force Motors‘ operational profit, or EBITDA, witnessed a staggering YoY upswing of 314.35% to Rs 179 crore, soaring from Rs 43.2 crore during the corresponding period last year. Consequently, the EBITDA margin saw a substantial leap from 4.4% in the same quarter of the previous fiscal year to an impressive 12.2%.
In an impressive streak, the small-cap auto stock has rallied for six consecutive days, delivering an impressive return of 119.34% thus far in 2023.
The stock’s spectacular performance is underscored by its monumental surge of 148% over the past year, solidifying its status as a true Multibagger stock.
