(Reuters) – Indian automaker Force Motors reported a nearly 44% rise in quarterly profit on Tuesday, as higher sales of engines to BMW and Mercedes helped mitigate a slump in sales of its multi-seater vans.
Force Motors makes engines for BMW and Mercedes cars in India and also manufactures commercial vehicles, including vans, school buses and ambulances.
While sales of Force’s own vehicles fell 19% during the quarter, it benefited from surging demand for luxury vehicles in the world’s third-largest car market.
Its consolidated net profit rose to 1.35 billion rupees ($16 million) in the July-September quarter, from 938.7 million rupees a year earlier.
Revenue rose 7.8% to 19.41 billion rupees during the quarter. Expenses increased 4.4% from a year earlier.
($1 = 84.0340 Indian rupees)
(Reporting by Nandan Mandayam in Bengaluru; Editing by Abinaya Vijayaraghavan and Mrigank Dhaniwala)
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