Ashok Leyland shares gain 6% after better-than-expected earnings growth in Q1
Commercial vehicle maker Ashok Leyland share price rallied more than 6 percent intraday Tuesday after reporting better-than-expected earnings for the quarter ended June. In actual the stock also rebounded after a 5 percent correction seen in the previous session due to likely increase in load carrying capacity of trucks.
Net profit during the quarter increased more than three-fold to Rs 370 crore compared to Rs 111.2 crore in same period last year despite higher tax cost, backed by revenue as well as operational performance.
Revenue from operations grew by 46.8 percent year-on-year to Rs 6,250 crore with realisations at Rs 14.83 lakh per unit against Rs 14.88 lakh per unit in year-ago.
Realisations were stable despite higher discounts and raw material costs.
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