Ashok Leyland's net profit jumps to Rs 361 crore in Q3FY23

Ashok Leyland, the flagship company of the Hinduja Group, recorded a significant increase in earnings after tax to Rs 361 crore for the third quarter ended December, backed by strong sales. During the similar period last year, the company earned Rs 6 crore in profit after tax.

The company stated in a statement that revenue for the quarter was Rs 9,030 crore, up from Rs 5,535 crore the previous year.

Ashok Leyland said that its domestic Medium and Heavy Commercial Vehicle volume increased by 69 percent year on year to 28,221 units. Domestic LCV volumes for the third quarter increased 15 percent year on year to 16,405 units, according to the company.

Dheeraj Hinduja, Executive Chairman, Ashok Leyland said “We have been able to achieve growth in market share on a pan India basis together with significant improvement in net profits. Our team continues to pursue better realisations even as we expand our market share. This, along with our continued focus on optimising input costs, has helped us achieve better financial performance. The softening of commodity prices has also been positive.”