Force Motors reports net loss of Rs 4.36 crore in April-June, revenue up 247%
The company's revenue from operations rose 247 per cent to Rs 643.33 crore during the quarter under review, while expenses grew 132 per cent to Rs 657.05 crore
- Aug 11, 2021,
- Updated Aug 11, 2021 8:19 PM IST
Force Motors on Wednesday reported narrowing of its consolidated net loss to Rs 4.36 crore during April-June quarter from Rs 64.99 crore in the year-ago quarter.
The company's revenue from operations rose 247 per cent to Rs 643.33 crore during the quarter under review, while expenses grew 132 per cent to Rs 657.05 crore.
Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at Rs 51 crore during June quarter as against a negative Rs 44 crore in the year-ago quarter.
"The pandemic severely impacted our key segments like tour and travel, staff transport and school bus which have still not revived. We salvaged the situation by quickly responding to the urgent need of strengthening the healthcare infrastructure in the country," Force Motors MD Prasan Firodia said.
Despite the restrictions imposed by the lockdown, the company ramped up its ambulance production capacity five-fold and executed multiple triple-digit requirements from order to delivery in less than a week, Firodia said.
"We also initiated actions to acquire a broader consumer base and increase our reach through various digital platforms. These efforts made in the previous quarters have yielded positive results," he added.
The Pune-based company said its sales during April-July period grew 172 per cent in domestic market and exports rose 243 per cent.
"The company sold (domestic plus exports) 6,486 units in the period April to July 2021 as compared to 2,311 units sold in the first four months of the previous year," Force Motors said.
On Wednesday, shares of Force Motors closed 1.28 per cent lower at Rs 1,388.45 on the BSE.
Also Read: Force Motors share rises 3% on fund raising via NCDs
Force Motors on Wednesday reported narrowing of its consolidated net loss to Rs 4.36 crore during April-June quarter from Rs 64.99 crore in the year-ago quarter.
The company's revenue from operations rose 247 per cent to Rs 643.33 crore during the quarter under review, while expenses grew 132 per cent to Rs 657.05 crore.
Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at Rs 51 crore during June quarter as against a negative Rs 44 crore in the year-ago quarter.
"The pandemic severely impacted our key segments like tour and travel, staff transport and school bus which have still not revived. We salvaged the situation by quickly responding to the urgent need of strengthening the healthcare infrastructure in the country," Force Motors MD Prasan Firodia said.
Despite the restrictions imposed by the lockdown, the company ramped up its ambulance production capacity five-fold and executed multiple triple-digit requirements from order to delivery in less than a week, Firodia said.
"We also initiated actions to acquire a broader consumer base and increase our reach through various digital platforms. These efforts made in the previous quarters have yielded positive results," he added.
The Pune-based company said its sales during April-July period grew 172 per cent in domestic market and exports rose 243 per cent.
"The company sold (domestic plus exports) 6,486 units in the period April to July 2021 as compared to 2,311 units sold in the first four months of the previous year," Force Motors said.
On Wednesday, shares of Force Motors closed 1.28 per cent lower at Rs 1,388.45 on the BSE.
Also Read: Force Motors share rises 3% on fund raising via NCDs