Ashok Leyland Ltd. (ALL) posted standalone net profit of ₹5.76 crore for the third quarter ended December compared with net loss of ₹19 crore a year earlier. Revenue from operations grew 15% to ₹5,504 crore.
The results included profits from exceptional items of ₹42 crore (impairment in the value of equity investment in subsidiaries ₹4 crore, obligations relating to discontinued products of LCV divisions ₹91 lakh, VRS ₹25.22 crore and profit related to EV, ₹72.15 crore).
“The [commercial vehicle] industry is on a recovery owing to the improvement in the macroeconomic environment and healthy demand from the end-user industries,” said Dheeraj Hinduja, executive chairman. “The MHCV segment is expected to lead the recovery in the coming months riding on the back of growth in core sectors.”
“Higher volumes and cost management… have helped us improve our bottom line,” said Gopal Mahadevan, director and CFO.