FORCEMOT · Automobile and Auto Components
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +210.7% on the year; profit before other income, exceptional items and tax +27.6%.
Source: Quarterly statements
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 63% of profit before tax, against 8% a year earlier.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,802 cr | ₹1,692 cr | ₹2,011 cr | ₹1,885 cr | ₹1,941 cr | ₹1,889 cr | ₹2,356 cr | ₹2,297 cr | ₹2,081 cr | ₹2,129 cr | ₹2,550 cr | ₹2,440 cr |
| YoY | — | — | — | +27% | +8% | +12% | +17% | +22% | +7% | +13% | +8% | +6% |
| EBITDA margin | 12.3% | 12.7% | 13.9% | 13.0% | 14.3% | 12.3% | 14.0% | 14.1% | 17.4% | 17.6% | 16.2% | 13.4% |
| Other income, % of PBT | 6% | 3% | 8% | 8% | 4% | 11% | 63% | 9% | 8% | 44% | 10% | 15% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 36% | 37% | 35% | 36% | 36% | 35% | 35% | 36% | −11% | 25% | 26% | 26% |
| Net profit | ₹94.0 cr | ₹85.0 cr | ₹140 cr | ₹116 cr | ₹135 cr | ₹115 cr | ₹435 cr | ₹176 cr | ₹351 cr | ₹406 cr | ₹279 cr | ₹217 cr |
| YoY | — | — | — | +68% | +44% | +35% | +211% | +52% | +160% | +253% | −36% | +23% |
| Core profit YoY | — | — | — | +74% | +46% | +18% | +28% | +51% | +44% | +92% | +36% | −1% |
| EPS | ₹71.24 | ₹64.81 | ₹106.45 | ₹87.81 | ₹102.47 | ₹87.51 | ₹329.92 | ₹133.82 | ₹266.14 | ₹308.21 | ₹211.38 | ₹164.36 |
| Flags | · | · | · | ✓ | ✓ | 1 | 2 | ✓ | 2 | 3 | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Force Motors Ltd. reported revenue of ₹2,356 cr (+17.2% on the year) and net profit of ₹435 cr (+210.7% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +27.6% on the year, against +210.7% for reported profit.
2 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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