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Ashok Leyland reports 60% rise in Q3 net profit at Rs 580 crore

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Ashok Leyland reports 60% rise in Q3 net profit at Rs 580 crore

New Delhi, Feb 5 (IANS) Heavy vehicle maker Ashok Leyland on Monday reported a 60 percent rise in its standalone net profit at Rs 580 crore for the October-December quarter of the financial year ongoing (2023-24).

The company had posted a net profit of Rs 361 crore in the same quarter of the previous financial year.

The company’s standalone revenue for the third quarter was Rs 9,273 crore, up 2.7% from Rs 9,030 crore in the same quarter last fiscal, the company said in a press release.

Its EBITDA was Rs 1,114 crore (12 per cent) in 3QFY24, compared to Rs 797 crore (8.8 per cent) in 3QFY23.

“Despite global headwinds, an export volume of 3,128 units was achieved in Q3FY24 as against 2,936 units in the same period last year, registering a growth of 6.5 percent “, according to the statement.

Ashok Leyland Chairman Dheeraj Hinduja said, “The current favorable market conditions are expected to continue for the foreseeable future… A range of new products are planned to be introduced in conventional propulsion technologies and alternatives to gradually consolidate our gains in the domestic market and facilitate our forays into overseas markets.”

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— IANS

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