Ashok Leyland Ltd., owned by the Hinduja Group, witnessed a 16.73 per cent increase in its net profit, reaching Rs 933.69 crore in Q4FY24 from nearly Rs 800 crore recorded in the corresponding period of the previous year.
Revenue from operations of the automobile firm stood at Rs 11,267 crore, marking a 3 per cent from Rs 11,626 crore recorded in the corresponding period of the previous year.
On an annual basis, the company recorded a net profit of Rs 2,696 crore. Meanwhile, revenue for FY24 stood around Rs 45,790 crore.
On Friday, the shares of the company concluded the day at Rs 210 price level, down by 0.85 per cent on the National Stock Exchange.
"What makes this achievement significant is that it is coming in a year when we are celebrating our 75th year anniversary. We continue to be optimistic about our industry prospects in the short to medium terms backed by anticipated robust growth in the Indian economy,” Chairman Dheeraj Hinduja, Ashok Leyland said.
During a meeting on March 25, the company's board of directors announced an interim dividend of Rs 4.95 per equity share of Rs 1 each, for FY24.
"We are confident that we will continue to maintain sustainable and profitable growth year after year through our unwavering pursuit on delivering differentiated products and providing best-in-class customer satisfaction," he added.
The automobile firm also stated that the results were backed by an all-round performance by all business verticals. It also achieved market leadership in the M&HCV Bus segment, gaining 5.8 per cent points in market share.
Overall commercial vehicle volumes reached 194,553 units, almost at the same level as the previous peak recorded at 197,366 units. Despite a decline in industry volumes, Ashok Leyland managed to maintain its LCV volumes in the 2-3.5T category.
