SML ISUZU skyrockets 18% after decision to increase prices of its products by 3-4% from today

4 Apr 2022 , 09:49 AM

SML Isuzu Limited has decided to increase prices of its Products (across all Models – Trucks & Buses) in the range of 3% to 4%, effective today.

“While the Company is taking actions to absorb the impact of a sharp increase in commodity prices and other input costs, the upward revision has been necessitated to partially offset the impact of increased costs,” company said in a regulatory filing on Sunday.

The company stock jumped 19.1% to Rs589.35 on Friday after company’s total sales grew 43% to 1363 units in March 2022 as compared with 952 units sold in March 2021.

On Monday morning the company stock remained upbeat and at around 9.22 am, SML ISUZU Ltd was trading at Rs694.95 apiece up by Rs105.6 or 17.92% from its previous closing of Rs589.35 apiece on the BSE. The scrip opened at Rs616 and has touched a high and low of Rs697 and Rs616 respectively.

On a sequential basis, total sales jumped 90.9% from 714 units sold in February 2022.

The company sold 698 units of cargo vehicles in March 2022 as against 679 units sold in March 2021, recording a 3% rise yoy. Similarly, passenger vehicle sales soared 144% to 665 units in March 2022 as compared to 273 units sold in March 2021.

SML Isuzu is engaged in the business of manufacturing of commercial vehicles and spares. The firm produces light and medium commercial vehicles.

The commercial vehicle manufacturer reported a net loss of Rs25.79 crore in Q3FY22 as against a net loss of Rs26.39 crore in Q3FY21. Net sales rose 35.9% to Rs249.88 crore in Q3FY22 over Q3FY21.