NEW DELHI: Ashok Leyland on Tuesday posted 232.70 per cent rise in net profit at Rs 370.10 crore for the quarter ended June 30, 2018. It had posted a net profit of Rs 111.24 crore in the corresponding quarter last year.
ETNow Poll had predicted a net profit of Rs 356 crore for Ashok Leyland.
Shares of the company rallied over 5 per cent to Rs 132.70 after the company announced its Q1 earnings.
EBITDA of the company came in at Rs 647 crore during the quarter under review against ETNow poll of Rs 628 crore.
Revenue increased 37.83 per cent to Rs 6,250.13 crore in Q1FY19 over Rs 4534.46 crore in Q1FY18.
Vinod K Dasari, Managing Director, Ashok Leyland in a release said "The Total Industry Volume registered 84 per cent growth primarily driven by surge in infrastructure spend resulting in higher sale of Tipper and MAVs. There was also the impact of base effect. We continued our focus on profitable growth and tight control on working capital, in a market which operated on heavy discounting and credit push. He further added, despite pressure on realisation and raw material price increases, I am happy that we continue to post growth with profitability."
“We have grown significantly in Intermediate Commercial Vehicles (ICVs). The LCV and Bus business have also posted very good growth. Exports have also grown by 24 per cent. We will continue to pursue our strategy of de-risking the company from cyclicality even as we pursue superior returns," he added.
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