Shares of Ashok Leyland were trading in the green and 4% higher on 6 February after the company reported strong quarterly earnings for October-December.

In its quarterly report, the company reported a 60% year-on-year growth in its net profit to Rs 580 crore for the quarter under review from Rs 361 crore reported in the same quarter last year.

The flagship company of the Hinduja Group reported its revenue at Rs 9,273 crore, marking a 2.7% YoY increase from Rs 9,030 crore reported in the same quarter of the previous fiscal year.

The EBITDA (earnings before interest taxes, depreciation and amortisation) grew by 12% YoY to Rs 1,114 crore during the quarter under review from Rs 797 crore reported in the corresponding quarter of the previous fiscal year.

Shenu Agarwal, managing director of the company, said, “The current quarter saw the confluence of good volumes, better price realisation, and higher cost savings, thus helping us achieve better profitability.”

The company’s debt at the end of the quarter stood at Rs 1,747 crore, with debt-equity at 0.2 times compared to 0.3 times at the end of the previous quarter.

In its quarterly report, the company added, “Despite global headwinds, an export volume of 3,128 units was achieved in Q3 FY24, as against 2,936 units in the same period last year, registering a growth of 6.5%.”

At 11:50 am, the shares of Ashok Leyland shed all its early gains and were trading 0.20% lower at Rs 178.90 on NSE.