SML Isuzu shares ended 3 percent down on September 1 after the auto company reported flat sales for August.
The company sold 1,005 units in August against 1,002 vehicles in the year-ago period. The company reported a 6 percent year-on-year (YoY) drop in cargo vehicle sales, while passenger vehicle sales were up 3 percent.
This drop in numbers comes after a 23 percent yearly increase in vehicle sales in the previous month.
In the first quarter of FY24, the company reported a 26.4 percent YoY rise in revenue from operations at Rs 632 crore. Net profit stood at Rs 32 crore against Rs 2 crore in the year-ago period.
The operating profit margins expanded by 400 basis points on a yearly basis to 7 percent. One basis point is one-hundredth of a percentage point.
SML Isuzu closed at Rs 1,308.45 on the National Stock Exchange, down Rs 39.90, or 2.96 percent, from the previous day.
SML Isuzu, a jointly owned entity of the Japanese Sumitomo Corporation-Isuzu Motors and the Indian entity Swaraj vehicles, manufactures commercial vehicles like trucks and buses. The vehicle maker has a factory in Punjab’s Nawanshahr, with a production capacity of 24,000 units per annum.
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