Hinduja group flagship Ashok Leyland today posted a net profit of Rs 476 crore for the fourth quarter ended March 31, mainly on account of robust sales and reduction in operating costs. The Chennai-based commercial vehicle maker had reported a net loss of 141 crore during the same period of previous fiscal, Ashok Leyland said in a regulatory filing. The company’s revenue increased by 13 per cent to Rs 7,057 crore for the fourth quarter as against Rs 6,237 crore during the same period of previous fiscal.
During the period under review, the company sold 38,643 units of medium and heavy commercial vehicles, a rise of 10 per cent from previous fiscal. It also sold 8,978 LCV units during the fourth quarter, up 3 per cent from same period of 2015-16 fiscal. For the year ended March 31, the company’s standalone net profit surged over three-fold to Rs 1,223 crore as compared to Rs 390 crore in the 2015-16 fiscal.
Revenues increased by 7 per cent to Rs 21,332 crore as compared to Rs 19,993 crore in 2015-16. “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,” Ashok Leyland Managing Director Vinod K Dasari said.
During the fiscal, the company sold a total of 1,13,296 MHCV units and 31,770 LCV units. The company’s board, which met today, recommended a dividend of Rs 1.56 per share for 2016-17. Ashok Leyland shares today ended 4.56 per cent up at Rs 86.05 on the BSE.