Shares of Ashok Leyland were gaining on Tuesday after the commercial vehicle manufacturer posted better-than-expected third-quarter results.

What Happened: Ashok Leyland posted a standalone net profit of ₹580 crore, marking a massive 60.5% year-on-year increase compared with ₹361.34 crore posted last year. Its net standalone revenue also grew 2.7% to ₹9,273 crore, up from ₹9,029.7 crore in the previous year.

The company’s EBITDA for the quarter stood at ₹1,114 crore, showing significant growth from ₹797 crore in the December quarter, marking an 8.8% increase.

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Commercial vehicle sales volume also experienced remarkable growth, reaching 1.38 lakh units in the first nine months of FY24. Despite global challenges, Ashok Leyland’s export volume rose by 6.5% to 3,128 units in Q3, compared with 2,936 units in the same period last year.

During the December quarter, Ashok Leyland secured orders for over 3,800 buses from state transport undertakings. The company made strides in the electric vehicle market, delivering its first Electric 55T Tractor-Trailer and its inaugural 14T Boss Electric Truck.

Commentary And Future Plans: Managing Director and CEO Shenu Agarwal said current favourable market conditions are expected to persist. The company’s progress in sales volume and profitability is attributed to products delivering superior performance and customer value, along with robust customer engagement across segments.

To further capitalise on the domestic market, Ashok Leyland plans to introduce a range of new products in both conventional and alternate propulsion technologies.

What Happened: Ashok Leyland shares were up 1.8% at ₹182.45 in the morning session of trade on Tuesday.

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