Ashok Leyland Ltd. has reported net profit for the second quarter in a row on higher sales.
The commercial vehicle maker reported net profit of Rs 163.9 crore in the quarter ended September, versus a net loss of Rs 103.4 crore over the same period last year, according to its exchange filing.
Ashok Leyland Q2 FY23 Highlights (YoY)
Revenue rose 73% to Rs 9,600 crore.
Operating profit rose 77% to Rs 1,020 crore.
Operating margin stood at 10.6% versus 10.4% last year.
The company's total sales rose 64.5% to 45,295 units over the quarter, as the government's focus on infrastructure development and a revival in replacement demand for commercial vehicles continued to improve sales.
"We see the demand continuing in all segments of trucks and passenger vehicles, and we remain confident and optimistic about the future," Dheeraj Hinduja, executive chairman at Ashok Leyland, said in a press release.
Shares of Ashok Leyland ended 0.8% down before the results were announced, compared with a 0.7% fall in the Nifty 50.
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