Ashok Leyland Q4 net profit rises 16.73% at Rs 933.69 crore

New Delhi: Commercial vehicles maker Ashok Leyland on Friday reported a 16.73 per cent increase in consolidated net profit at Rs 933.69 crore in the fourth quarter ended March 31, 2024.

The company had posted a net profit of Rs 799.87 crore in the same period of the previous fiscal, Ashok Leyland said in a regulatory filing.

Consolidated revenue from operations in the quarter under review stood at Rs 13,577.58 crore as compared to Rs 13,202.55 crore in the year-ago period, it added.

Total expenses in the fourth quarter were marginally lower at Rs 12,037.16 crore as compared to Rs 12,085.5 crore in the corresponding period of the previous year.

The board of directors of the company, at their meeting held on March 25, 2024, has declared an interim dividend of Rs 4.95 per equity share of Re 1 each, for the year ended March 31, 2024, Ashok Leyland said.

For the fiscal ended March 31, 2024, net profit was at Rs 2,696.34 crore as compared to Rs 1,358.82 crore in the previous fiscal.

In FY24 Consolidated revenue from operations was at Rs 45,790.64 crore as compared to Rs 41,672.6 crore in FY23, the company said.

"The results were backed by an all-round performance with contributions from all business verticals," Ashok Leyland said, adding the overall CV volumes at 1,94,553 units in FY24 were very close to the previous high of 1,97,366 units.

Ashok Leyland Managing Director & CEO, Shenu Agarwal said, "FY24 has been a strong year for us. Whether it is revenues, EBITDA margins or profits, we have achieved all-time high numbers".

On the outlook, Ashok Leyland Chairman Dheeraj Hinduja said, "We continue to be optimistic about our industry prospects in the short to medium terms backed by anticipated robust growth in the Indian economy."

He further said the company was confident that it would continue to maintain sustainable and profitable growth.