India's Force Motors posts quarterly profit jump on engine sales to luxury carmakers

Force Motors

29/10/2024 13:48

Oct 29 (Reuters) - Indian automaker Force Motors
 FORC.NS  reported a nearly 44% rise in quarterly profit on
Tuesday, as higher sales of engines to BMW and Mercedes helped
mitigate a slump in sales of its multi-seater vans.
    Force Motors makes engines for BMW  BMWG.DE  and Mercedes
 MBGn.DE  cars in India and also manufactures commercial
vehicles, including vans, school buses and ambulances.
    While sales of Force's own vehicles fell 19% during the
quarter, it benefited from surging demand for luxury vehicles in
the world's third-largest car market.
    Its consolidated net profit rose to 1.35 billion rupees ($16
million) in the July-September quarter, from 938.7 million
rupees a year earlier.
    Revenue rose 7.8% to 19.41 billion rupees during the
quarter. Expenses increased 4.4% from a year earlier.


($1 = 84.0340 Indian rupees)

 (Reporting by Nandan Mandayam in Bengaluru; Editing by Abinaya
Vijayaraghavan and Mrigank Dhaniwala)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))