The flagship company of the Hinduja Group, Ashok Leyland Limited, announced its quarterly earnings for January-March. 

The company reported a 16.73% year-on-year increase in net profit at Rs 933.69 crore during the quarter under review from Rs 800 crore reported in the same quarter last year. The growth in net profit was due to strong demand for its product in the Light Commercial Vehicle (LCV) and Medium Commercial Vehicle (MCV) segment. 

The consolidated revenue from operations during the quarter stood at Rs 13,577.58 crore, marking a marginal increase from Rs 13,202.55 crore reported in the same quarter of the previous fiscal year. 

The total expense during the quarter marginally declined to Rs 12,037.16 crore against Rs 12,085.5 crore in the corresponding period of the previous year.

Dheeraj Hinduja, Chairman, Ashok Leyland Limited 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.”

The Board of Directors of the company have also declared an interim dividend of Rs 4.95 per share for the fiscal year 2023-24.

The company claimed that the strong earnings were due to an all-around performance with contributions from all business verticals. In the MCV and HCV bus segment, the company has emerged as a market leader with a market share gain of 5.8% points.