Ashok Leyland posted a turnaround for Q4FY21 with a net profit of Rs.241 crore v/s net loss of Rs.57 crore (YoY); this was on a revenue of Rs.7000 crore, a jump of 82%.
The MCHV truck volumes rose by a huge 111%, much higher than the growth rate of the industry. And it is this surge in commercial vehicles volume which helped the company post a turnaround.
The company ended FY21 with a net loss of Rs.314 crore v/s net profit of Rs.240 crore in FY20. Revenue for the year rose 28% at Rs.17,467 crore.
The Board has recommended a dividend of Rs.0.60 per equity share for FY21.
The stock, which had closed yesterday at Rs.118.20, opened today at Rs.123.70 and it went on to hit an intraday high at Rs.129.35, just a tad away from its 10% UC of the day at Rs.130.