Force Motors Ltd. shares zoomed 20 percent to hit a 52-week high on Tuesday after the automaker saw a turnaround in the March 2023 quarter.

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The company on Monday reported a profit for the March quarter, compared to a loss in the same period last year, aided by strong revenue growth. Net profit for the period stood at Rs 149 crore, compared to a loss of Rs 40 crore in March last year.

Revenue for the quarter increased by 70 percent year-on-year at Rs 1,490 crore in the March quarter compared with Rs 881.3 crore in the year-ago period.

Aided by the March quarter bottomline, the company posted a full-year net profit of Rs 152 crore, compared to a loss of Rs 74.6 crore in financial year 2022.

The board also recommended a dividend of Rs 10 per equity share of face value of Rs 10 each (100 percent) for financial year 2023.

Force Motors is a fully vertically integrated automobile company, with expertise in design, development and manufacture of the full spectrum of automotive components, aggregates and vehicles. Its range of products includes light commercial vehicles, multi-utility vehicles, small commercial vehicles, sports utility vehicles and agricultural tractors.

Shares of Force Motors are locked in a 20 percent upper circuit of Rs 1,718.70, which also happens to be a 52-week high. Over the last 12 months, the stock has risen nearly 70 percent, compared to a 12.5 percent gain on the Sensex.