Commercial vehicles maker Ashok Leyland on Tuesday reported an over five-fold jump in consolidated net profit at Rs 802.71 crore for the fourth quarter ended March 31, 2023 riding on robust sales.

The company had posted a consolidated net profit of Rs 157.85 crore for the same quarter previous fiscal, Ashok Leyland said in a regulatory filing.

Revenue from operations during the quarter under review stood at Rs 13,202.55 crore as against Rs 9,926.97 crore in the year-ago period, it added.

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Total expenses in the quarter stood at Rs 12,085.5 crore as against Rs 9,429.55 crore earlier.

For fiscal year ended March 31, 2023 consolidated net profit was at Rs 1,361.66 crore. The company had posted a net loss of Rs 285.45 crore in FY22.

Revenue from operations in FY23 stood at Rs 41,672.6 crore as compared to Rs 26,237.15 crore in FY22.

“The commercial vehicles (CV) industry is buoyant due to favourable macroeconomic factors and a healthy demand from the end-user industries,” Ashok Leyland Executive Chairman Dheeraj Hinduja said.

He further said,”This trend is expected to continue alongside growth in core sectors such as construction and mining, agriculture, increased capital outlay for infrastructure projects and pent-up replacement demand.” Hinduja said the focus on international operations, defence, power solutions and parts businesses will continue to balance the volatility of the core business.

“With momentum gradually picking up in electric vehicles, Switch Mobility is well poised to complement the developments at Ashok Leyland across a spectrum of alternate propulsion systems,” he added.

The company further said its board of directors has recommended a dividend of Rs 2.60 per equity share of Re 1 each for 2022-23, subject to shareholders’ approval.