Bengaluru: India’s Ashok Leyland Ltd posted a 40% jump in fourth-quarter net profit on Friday, helped by stronger sales volume.

Net profit was Rs667 crore ($98.03 million) for the quarter ended 31 March, compared with Rs476 crore a year earlier.

Analysts on average expected a quarterly profit of Rs642 crore, according to Thomson Reuters data.

The total volume of medium and heavy commercial vehicles sold, including exports, rose 15%, while light commercial vehicles posted a 59% volume growth.

Shares of the company closed 3.89% down at Rs148.40 apiece on BSE today.