NEW DELHI : Commercial vehicle major Ashok Leyland on Friday reported 12.12% decline in net profit at 652.99 crore for March quarter, 2018-19.

The company posted a profit of 743.12 crore for the same period of 2017-18.

Income from operations rose to 8,722.59 crore for the March quarter as compared with 8,651.55 crore in the year-ago period, Ashok Leyland said in a regulatory filing.

For 2018-19 fiscal, the Chennai-based firm reported a consolidated profit of 2,194.6 crore as against 1,813.82 crore in the previous year, an increase of 21 per cent.

Income from operations stood at 32,753.24 crore for last fiscal as compared with 29,522.13 crore in 2017-18.

Ashok Leyland Chairman Dheeraj Hinduja said the company has been able to maintain its market share despite competitive pressures in the face of rising costs of input materials and regulatory changes.

"Our light commercial vehicle (LCV) programme continues its winning streak. We are well on our way to successful introduction of BS VI and together with a range of products planned across the spectrum in FY'21, I am confident of maintaining the current growth momentum," he added.

Ashok Leyland CFO Gopal Mahadevan said the company has grown its market share in both trucks and buses in the fourth quarter and will continue to focus on the twin engines of growth and profitability.

"We continue to be net cash positive at the year-end with over 700 crore of cash," he noted.

The company's board recommended a dividend of 3.10 per share of Re 1 each for 2018-19.

Ashok Leyland shares Friday ended 5.46% up at 93.65 apiece on the BSE.

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