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.”
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“Higher volumes and cost management... have helped us improve our bottom line,” said Gopal Mahadevan, director and CFO.