Ashok Leyland, India’s third largest commercial vehicle maker, on Friday met analysts' expectations with a 40 percent rise in its standalone net profit for the quarter ended March.
Net profit came in at Rs 667.4 crore, compared to the Rs 655 crore average of 21 analysts’ estimates in a Reuters poll. For the corresponding quarter in FY17 the company had posted Rs 476.1 crore.
"FY 17-18 has been an extremely satisfactory year for us with achievements in many fronts. Record domestic truck volumes, substantial growth in LCV, continued growth in market share, success of our digital market place, and most importantly, the transformation which i-EGR brought to the Indian market. Exports has witnessed a healthy jump in the current year and, we will continue to focus on growing International. Business as well as Defence and After Market portfolios. Our network continues to grow and reach out to more of our customers," said Vinod Dasari, Managing Director, Ashok Leyland, in a post-results statement .
Net sales of the Chennai-based company for the reporting quarter grew 24 percent on year to Rs 8,772.5 crore. The Reuters poll had estimated sales to come in at Rs 8,886 crore.
In the quarter gone by, Ashok Leyland, the leading bus manufacturer in the country, reported a year-on-year rise of 23 percent in wholesale sales to 58,734 units, according to data shared by the Society of Indian Automobile Manufacturers.
The rise in sales was primarily due to increased retail demand, which was in turn because of steps taken by most state governments on strictly following the restrictions on overloading. New product launches and new technology also contributed to a rise in demand.
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