Shares of commercial vehicle producer Ashok Leyland gained up to 3.8%, touching an intraday high of Rs 173.9 on Monday’s trade. Shares closed at Rs 168 on BSE as the company reported a 5% year-on-year (YoY) increase in total vehicle sales at 15,221 units for June 2023 against the 14,531 units sold in June 2022. 

The company’s overall Medium & Heavy Commercial Vehicles (M&HCV) sales have increased by 6% YoY to 9,962 units from 9,398 units. Total Light Commercial Vehicle (LCV) sales grew 2% YoY from 5156 to 5259 units during the review period. On the other hand, the company’s total domestic sales in June stood at 14,363 units,7% above the 13,469 units sold on June 2022.

At 10:04 am, the stock traded 2% higher at Rs 170.6 on BSE. During the last month, the stock has gained over 14%, while it has just surged over 17% in the past year. 

The trendline data predicts that the average target price of the stock is Rs 180, which stipulates a growing potential of 6% from the current market price. 

In Q4FY23, Ashok Leyland reported an approximate 17% YoY dip in the net profit to Rs 751.41 crore, despite an increase in total revenue from operations to nearly 33% YoY to Rs 11,626 crore. The net profit for FY23 surged more than twofold to Rs 1,380 crore, and revenue grew 67% to Rs 35,977 crore.