Shares of Force Motors (FML) rose 4% to hit a new high of Rs 1,974 in intraday trade on Tuesday after the company reported 30% YoY (YoY) and MoM (MoM) growth as total May sales jumped to 2,645 units.

During the same period last year, the company said it sold a total of 2,026 units, compared with 2,042 units sold in the previous month.

The company’s export sales nearly doubled from the previous month to 491 vehicles in May, compared with 166 vehicles sold in the previous month’s export market. On a year-on-year basis, export sales were up 54.8% from the 317 units in May 2022. The company’s domestic sales rose 14.8% quarter-over-quarter and 26% year-on-year to 2,154 units.

FML is the flagship company of the Abhay Firodia Group. The company is a fully vertically integrated manufacturer of small and light commercial vehicles (LCVs), utility vehicles and farm tractors.

In the Automotive Components division, assembles engines for Mercedes-Benz India and BMW India. The major brands of light commercial vehicles and utility vehicles include Traveller, Trax, Gurkha and Shaktiman, while the major brands of tractors are Balwan, Orchard, Abhiman and Sanman.

Meanwhile, FML’s share price has risen 41% over the past seven sessions after the company reported strong earnings for Q3FY23.

FML posted a consolidated net profit of Rs 146.62 crore compared to a net loss of Rs 42.77 crore posted in the same period last year (Q4FY22) and a net loss of Rs 15.57 crore in the previous quarter (Q3FY23).

The company reported a net exceptional quarterly income of Rs 208.32 crore. This includes special revenue of Rs 308 crore as part of the Madhya Pradesh Government’s Industrial Investment Promotion Assistance Scheme, 2010, under sanction orders received in March 2023 for 2017-18 to 2020-21.

Force Motors’ operating income rose 69% to Rs 1,490 crore in Q4FY23 from Rs 881 crore in Q4FY22.

The operating margin for the quarter was 10.65%, compared with 0.86% a year earlier, as prices rose despite cooling prices for key raw materials such as steel.