Shares of Ashok Leyland were volatile in early trade on Wednesday after the company posted its results for the March quarter.

What Happened: The company’s standalone revenue from operations stood at ₹11,625.67 crore, up close to 33% from the year-ago period when the company brought in revenues of ₹8,744.29 crore. The Hinduja Group company said that its truck market share improved to 32.7% in this quarter from 30.6% at the end of March 2022. Bus market share also improved to 27.1% as against 26.4 % for the same period last year.

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The company’s EBITDA for the period stood at ₹1,275.7 crore up 64.39% from the year-ago period. EBITDA margin stood at 10.97%. However, the company’s net profit was down 16% year-over-year to ₹751.4 crore. The dip in profits comes as the company had reported an exceptional gain of ₹470.26 crore in the March quarter of 2022.

The company also declared a final dividend of ₹2.60/share for the year ended March 2023. The record date for the dividend payment is July 7.

The company’s results also received positive responses from analysts. Nomura maintained its ‘buy’ rating for the stock with a price target of ₹184. JP Morgan also maintained its ‘overweight’ rating for the stock with a target price of ₹175.

Price Action: Ashok Leyland’s share price was down 0.59% to trade at ₹151.30 as the markets opened on Wednesday.

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