Ashok Leyland Q3 profit surges threefold, beats estimates

Ashok Leyland’s revenue from operations grew 47% to Rs7,113 crore. Photo: Ramesh Pathania/Mint

Bengaluru: Ashok Leyland Ltd reported a near threefold rise in quarterly profit on Thursday, beating analysts’ estimates, helped by higher export volumes and domestic sales of medium and heavy commercial vehicles (M&HCV).

Net profit came in at Rs450 crore ($70.3 million) for the quarter ended 31 December, compared with Rs162 crore a year earlier.

Analysts’ on average expected a profit of Rs407 crore, according to Thomson Reuters data.

Revenue from operations grew 47% to Rs7,113 crore.

Export volumes rose 46% for the quarter, while sales of M&HCV in the domestic market increased 41%. Reuters