Ashok Leyland's net profit increased by 60 percent to Rs 580 crore in the third quarter

Heavy vehicle maker Ashok Leyland announced its financial results for the October-December quarter of the current financial year. Its standalone net profit grew by 60 percent to Rs 580 crore.

The company had earned a net profit of Rs 361 crore in the same quarter of the last financial year.

The company's standalone revenue during the third quarter stood at Rs 9,273 crore, an increase of 2.7 per cent from Rs 9,030 crore in the same quarter of the previous financial year, the company said in a press statement.

The company's profit before tax increased by 12 per cent to Rs 1,114 crore, while in the third quarter of FY 2022-23 it had increased by 8.8 per cent to Rs 797 crore.

According to the statement, despite global adverse conditions, 3,128 units were exported in the third quarter of the financial year 2023-24, which is 6.5 percent more than 2,936 units in the same quarter a year ago.

Ashok Leyland Chairman Dheeraj Hinduja said, the current favorable market conditions are expected to continue in the near future to strengthen our advantage in the domestic market and facilitate our efforts to launch new products in conventional and alternative engine technologies in overseas markets. A set will be introduced progressively.