Force Motors rose 2.41% to Rs 1,074.20 after consolidated net profit soared 233.70% to Rs 14.05 crore on 8% decrease in net sales to Rs 694.58 crore in Q2 September 2020 over Q2 September 2019.
Consolidated pre-tax profit stood at Rs 19.20 crore in Q2 September 2020 as against a pre-tax loss of Rs 1.59 crore in Q2 September 2019. Current tax expense for the quarter stood at Rs 0.03 crore as against tax rebate of Rs 1.41 crore in Q2 FY20. The Q2 result was declared after market hours on Friday, 6 November 2020.
The company said that 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 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.
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