Ashok Leyland's March quarter profit up y-o-y by 20%

24 May 2024 , 04:25 PM

Ashok Leyland Limited (ALL) witnessed a significant 20% surge in net profit to reach ₹900 Crore during the fourth quarter of the financial year 2023-24. This impressive growth was attributed to the strong demand for the company’s products, particularly in the medium and light commercial vehicle (M&LCV) segments.

Comparatively, the Chennai-based automaker had reported a Profit After Tax (PAT) of ₹751 Crore during Q4FY23.

Despite the notable increase in net profit, Ashok Leyland experienced a slight decline of 3% in its revenue from operations, which stood at ₹11,267 Crore for the quarter. In the corresponding period of the previous year, the company’s revenue had amounted to ₹11,626 Crore.

At the time of writing, shares of Ashok Leyland is trading at ₹211.15 which is a 0.57% dip than the previous close. The stock has witnessed 40.39% gain in the last one year, and 13.55% since the beginning of the year.

Dheeraj Hinduja, Chairman of Ashok Leyland Limited, expressed optimism regarding the industry’s prospects in the short to medium term, fueled by anticipated robust growth in the Indian economy.

Hinduja emphasized the company’s commitment to maintaining sustainable and profitable growth through the delivery of differentiated products and the provision of best-in-class customer satisfaction.

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