Commercial vehicle manufacturer SML Isuzu on Friday reported reported a multi-fold rise in net profit to Rs 31.79 crore. This was an increase of 1258 percent year-on-year (YoY), compared to just Rs 2.34 crore in the April-June quarter of last fiscal, the company said in a regulatory filing.

The company's revenue from operations rose 26 percent to Rs 631.61 crore during the quarter under review. It was Rs 500 crore in the year-ago period.

SML Isuzu also informed the stock exchanges that its 39th annual general meeting of the company will be held on September 15, 2023 (Friday).

In a recent update, the company said that it sold 1,250 units in July, up 23 percent from the year-ago period. Category-wise, the company reported a 34 percent YoY increase in passenger vehicle sales, while cargo vehicle sales were down 2 percent.

The uptick in sales numbers for July comes after a 3 percent YoY decline in the previous month.

SML Isuzu, a jointly owned entity of the Japanese Sumitomo Corporation-Isuzu Motors and the Indian entity Swaraj vehicles, makes commercial vehicles like trucks and buses. The vehicle-maker operates out of its factory in Punjab’s Nawanshahr with a production capacity of 24,000 units per annum.

At 2:16 pm, shares of SML Isuzu Ltd soared 14 percent to trade at Rs 1,246 apiece after the company disclosed its financial results. The stock rose 17.5 percent to hit an intra-day high of Rs 1,289.70 apiece from day's low of Rs 1097.45.

First Published:Aug 4, 2023 2:21 PM IST