Ashok Leyland's Q4 jumps to Rs 476 crore; shares rise 6%
Commercial vehicle major Ashok Leyland on Thursday announced its financial results for the quarter ended on March 31. The company reported a net profit of Rs 476 crore, as against a net loss of Rs 141 crore during the same period last year.
The company's net profit in FY17 stood at Rs 1223 crore as against Rs 390 crore in FY16.
Hinduja group flagship, Ashok Leyland's revenue increased by 13% to Rs 7,057 crore in Q4FY17 as against Rs 6,237 crore in Q4FY16. However, for the full financial year, or in FY17, the company's revenues increased by 7% to Rs 21,332 crore as compared to Rs 19,993 crore in FY16.
Commenting on the performance of the company, Vinod K. Dasari, Managing Director, Ashok Leyland, said, "The highlight for us this year is the growth in profits and our pan India market share. Our continued focus on controlling costs has paid rich dividends and helped us achieve a double digit EBITDA for 9 straight quarter."
The EBITDA for the year was 11% as against 11.9% in the same period last year. It also increased its all Indian market share to 33.8%, a rise of 1.1% over last year. The market share increased across all segments and regions.
In Q4, total medium, heavy commercial vehicle volumes including exports increased by 10% in 38,643 units. Volume for light commercial vehicle increased by 3% to 8,978 units as compared to 8,745 units during the same period last year.
For the whole financial year, the total MHCV volumes including exports increased by 3% to 1.13 lakh units and volume for LCV increased by 4% to 31,770 units.
Soon after reporting positive results, the shares of the company rose by 6%, At 1534 hours the shares of the company were trading at Rs 87.30 per piece, up 6.08% or Rs 5 on BSE.