In a remarkable market move, shares of the prominent automotive player Ashok Leyland witnessed a surge of 4.32% on Tuesday, reaching an intraday high of Rs 187. The positive momentum is attributed to the outstanding performance reported in the December quarter (Q3 FY24), with the company posting a standalone net profit of Rs 580 crore. This marks a substantial 60% increase compared to the same period in the previous fiscal year.
According to the financial results declared by the Chennai-headquartered automotive manufacturer, Ashok Leyland’s net profit in the same quarter of the previous fiscal year was Rs 361 crore, highlighting a remarkable growth trajectory in profitability.
The company’s standalone revenue during Q3 FY24 stood at Rs 9,273 crore, reflecting a 2.7% increase over the Rs 9,030 crore recorded in the third quarter of the preceding fiscal year.
The market capitalization of Ashok Leyland currently stands at Rs 52.116 crore, showcasing the strong market position and investor confidence in the auto major.
As of 10:32 am, the shares of Ashok Leyland continued to exhibit positive trends, trading 1.03% higher at Rs 181.10.
Investors and industry analysts are lauding Ashok Leyland’s robust performance, as the company not only exceeded expectations but also demonstrated resilience and growth in a dynamic market landscape.
