Indian automaker Force Motors reported a nearly five-fold rise in second-quarter profit on Thursday, helped by strong demand for its multi-seater vans and buses.
Consolidated net profit for the three months to Sept. 30 rose to 938.7 million rupees (USD 11.27 million), compared with 192.5 million rupees a year ago.
The company, which also makes engines and axles for German automakers BMW and Mercedes Benz’s cars in India, said revenue was up 42.5%.
A pickup in economic activity after the COVID-19 pandemic has helped the Maharashtra-based company turn profitable.
The company had reported an annual loss in fiscal 2021 and 2022 before posting a profit in fiscal 2023 on the back of demand for its models, including the top-selling Traveller.
Demand for the Traveller, a customizable multi-seater van used for everything from school buses to ambulances, recovered as schools re-opened and travel curbs eased.
Overall domestic sales and exports of Force vehicles were up 26.4% on year during the quarter.
Force does not provide a break-up of its revenue but said in its last annual report that it derives 48% of its turnover from its core vehicle-making business and 35.6% from the contract manufacturing of engines for BMW and Mercedes.
(USD 1 = 83.2790 Indian rupees)
