Commercial vehicle major Ashok Leyland has posted a growth of 40 per cent in net profit at Rs 6.67 billion during the quarter ended March 31, 2018, beating the analyst estimates of around 38 per cent growth.
The net profit for the same period last year was Rs 4.76 billion, on a standalone basis. The total income grew by 23.79 per cent during the quarter, to Rs 88.30 billion as compared to Rs 71.33 billion a year ago.
The total Medium and Heavy Commercial Vehicle (M&HCV) volume including exports increased by 15 per cent to 44,425 units during the quarter, while the volume for Light Commercial Vehicle (LCV) increased by 59 per cent to 14,309 vehicles during the quarter.
"FY 17-18 has been an extremely satisfactory year for us with achievements in many fronts," said Vinod K Dasari, managing director, Ashok Leyland.
Record domestic truck volumes, substantial growth in LCV, continued growth in market share, the success of our digital marketplace, and most importantly, the transformation, which i-EGR brought to the Indian market exemplifies the capabilities that Ashok Leyland is building on various fronts, he added.
"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 Dasari.
Gopal Mahadevan, CFO, Ashok Leyland added, "We have posted record revenues with record profits and as at the end of the year, we ore cash positive with nearly Rs 30 billion surplus. Our focus on working capital and operational efficiency will continue. Our credit rating has been upgraded to XA+' after a span of 20 years."