Shares of Force Motors (FML) locked in a 20% upper circuit at Rs 1,718.10 on BSE on Tuesday, also a 52-week high for the stock, after the company posted solid earnings for Q3FY23.

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

The stock surpassed the previous high of Rs 1,622.95 hit on November 29, 2022. The stock has risen 48% over the past two months.

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, recognised under the sanction order for 2017-18 to 2020-21 received in March 2023.

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, due to higher prices and cooling prices for key raw materials such as steel.

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 segment, engine assembly for Mercedes-Benz India Pvt Ltd and BMW India Pvt Ltd. Major brands of LCVs and utility vehicles include Traveller, Trax, Gurkha, and Shaktiman. In contrast, tractor brands include Balwan, Orchard, Abhiman, and Sanman.