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Commercial vehicles maker Ashok Leyland on Friday reported a consolidated net profit of Rs 96 crore for June quarter 2022-23 riding on higher sales.

The company had incurred a net loss of Rs 324 crore in the same period last fiscal year, Ashok Leyland said in a regulatory filing.

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Revenue from operations more than doubled to Rs 8,470 crore in the quarter from Rs 4,088 crore in April-June period a year ago, it added.

The company said its domestic light commercial vehicle (LCV) volumes stood at 14,384 units, up 66 per cent from the same period a year ago.

Export volume of both medium and heavy commercial vehicles (MHCV) and LCV in first quarter stood at 2,527 units, 76 per cent higher from April-June 2021-22.

“The industry has seen strong volume growth in Q1 FY23, and we expect this trend to continue going forward,” Ashok Leyland Executive Chairman Dheeraj Hinduja noted.

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The team is focused on market performance while reining in costs this quarter, he added.

“Through our electric vehicle subsidiary Switch Mobility, we are taking strategic steps to move towards net-zero carbon mobility. The EV market is expanding fast and we are ready for participating in this growth,” Hinduja said.

Shares of the company were trading 0.41 per cent up at Rs 146.10 apiece on the BSE. PTI MSS MSS ANU ANU

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