Ashok Leyland Q3 net up 54%

Commercial vehicle-maker Ashok Leyland today reported a 54.25% rise in net profit to Rs 66.90 crore for the third quarter ended December, 2011.

The company had posted a net profit of Rs 43.37 crore for the corresponding period last financial year.

Net sales went up by 29.30% to Rs 2,879.80 crore during the quarter from Rs 2,227.25 crore in the year-ago period, Ashok Leyland said in a filing to the BSE.

Shares of the company settled 4.20% higher at Rs 28.55 apiece on the BSE today.

Commenting on the performance, Ashok Leyland Managing Director Vinod K Dasari said: "Despite a substantial improvement in our quarter sales and profits, Q3 was a challenging one due to a few supply chain issues."

He, however, said the issues have been resolved and the company expects to see a rebound in demand in the current quarter.

During the quarter, the company sold 23,175 vehicles, compared to 18,437 units in the same period last financial year, translating into an increase of 25.70 per cent, the statement said.