Ashok Leyland Q1 net jumps over 2-fold at Rs 290.78 crore

Hinduja flagship firm Ashok Leyland on Thursday reported over two-fold jump in net profit at Rs 290.78 crore for the first quarter ended June 30, riding on robust volume growth.

The company had posted a net profit of Rs 144.49 crore in the same period last financial year, Ashok Leyland said in a BSE filing.

Net sales during the quarter under review stood at Rs 4,175.79 crore as against Rs 3,775.29 crore in the year-ago period, up 10.6%.

"We recorded a domestic volume growth of 18.5% as against the industry growth of 14.5%. Our initiatives on network development, operational efficiency, talent development and new products continue," Ashok Leyland Managing Director Vinod K Dasari said.

Key export markets were down in June quarter of this financial year but are expected to bounce back in the second quarter and beyond, he added.

MHCV (medium and heavy commercial vehicles) domestic volume for the quarter was at a record high of 22,061 and the company had reported orders from various state transport undertakings for nearly 3,600 buses to be executed this year, Ashok Leyland said.

The quarter includes a gain on currency and interest rate swap of Rs 49.67 crore as against Rs 18.05 crore in the previous year, it added.

Shares of Ashok Leyland were trading 1.98% up at Rs 95.30 apiece on BSE.