NEW DELHI: Hinduja flagship firm Ashok Leyland on Thursday reported over two-fold jump in net profit at ₹290.78 crore for the first quarter ended June 30, riding on robust volume growth.
The company had posted a net profit of ₹144.49 crore in the same period last fiscal, Ashok Leyland said in a BSE filing.
Net sales during the quarter under review stood at ₹4,175.79 crore as against ₹3,775.29 crore in the year-ago period, up 10.6%.
“We recorded a domestic volume growth of 18.5% as against the industry growth of 14.5%. Our initiatives on network development, operational efficiency, talent development and new products continue,” Ashok Leyland managing director Vinod K Dasari said.
Key export markets were down in June quarter of this fiscal but are expected to bounce back in the second quarter and beyond, he added.
MHCV (medium and heavy commercial vehicles) domestic volume for the quarter was at a record high of 22,061 and the company had reported orders from various state transport undertakings for nearly 3,600 buses to be executed this year, Ashok Leyland said.
The quarter includes again on currency and interest rate swap of ₹49.67 crore, while it had a loss of ₹18.05 crore in the previous year, it added.
{{/usCountry}}The quarter includes again on currency and interest rate swap of ₹49.67 crore, while it had a loss of ₹18.05 crore in the previous year, it added.
{{/usCountry}}The results helped Ashok Leyland buck the trend on the markets with its shares ending up 3.64% at ₹96.85 apiece on the Bombay Stock Exchange, which fell by 0.74% or 205 points.