The share of SML Isuzu opened up bullish in early intraday trade of August 2 after the vehicle manufacturing company reported a 23% YoY growth in vehicle sales for the month of July.

The company sold 1,250 units during the month of July, with a 34% YoY increase in its passenger vehicles segment. In contrast, the cargo segment of the company was down by 2% against the number reported in the same month of the previous year.

Against FY22, when the company reported a loss of Rs 100 crore, the automobile company reported a net profit of Rs 20 crore in FY23. The operating profit margin also changed from -4% to 4% in FY23.

The company reported a 97.18% increase in its operating revenue for the previous fiscal year at Rs 1,822 crore.

SML Isuzu is a jointly owned entity of the Indian firm Swaraj Vehicles and Japanese firm Sumitomo Corporation-Isuzu Motors.

The company has its manufacturing unit located in Nawanshahr, Punjab, where it produces commercial vehicles like trucks and buses; the factory has a production capacity of 24,000 units per annum.

At 1:45 pm, the shares of SML Isuzu were trading at Rs 1,098.40 or 0.18% above its previous close on NSE.