Leading truck and bus maker Ashok Leyland has reported 101 per cent jump in its net profit at ₹ 291 crore for the quarter ended June 30, 2016 when compared with ₹ 144 crore in the year-ago period.

In Q1, it had a gain on currency and interest rate swap of ₹ 49.67 crore vis-à-vis a loss of ₹ 18.05 crore in the previous year as per the reporting standard requirements under Indian Accounting Standards (“Ind As”) which is disclosed separately in the results.

The company's revenues stood at ₹ 4,259 crore against ₹ 3,883 crore, reporting a growth of 10 per cent. EBITDA stood at ₹ 476.27 crore (11.2 per cent of sales) against ₹ 392.50 crore (10.1 per cent) in Q1 of previous fiscal.

M&HCV (Medium and Heavy Commercial Vehicle) domestic volume for the quarter was 22,061 units, a record high. It had sold 18,600 units in the year-ago quarter. Its market share grew 100 basis points to 31 per cent in the M&HCV segment.

“We recorded a domestic volume growth of 18.5 per cent as against the industry growth of 14.5 per cent. I am happy to note that we continue to outperform the industry. Our initiatives on network development, operational efficiency, talent development, and new products continue. Key exports markets were down in Q 1 but are expected to bounce back in Q 2 and beyond," Vinod K Dasari, Managing Director, Ashok Leyland Ltd, said.

The company’s debt equity was at 0.3:1.

Shares of Ashok Leyland were trading up by 3.69 per cent at Rs. 96.90 on the BSE.

Related Topics