February 1, 2018 / 1:18 PM / 3 months ago

India's Ashok Leyland Q3 profit surges, beats estimates

Feb 1(Reuters) - Ashok Leyland Ltd reported a near threefold rise in quarterly profit on Thursday, beating analysts’ estimates, helped by higher export volumes and domestic sales of medium and heavy commercial vehicles (M&HCV).

Net profit came in at 4.50 billion rupees ($70.3 million) for the quarter ended Dec. 31, compared with 1.62 billion rupees a year earlier. bit.ly/2s4iN4L

Analysts’ on average expected a profit of 4.07 billion rupees, according to Thomson Reuters data.

Revenue from operations grew 47 percent to 71.13 billion rupees.

Export volumes rose 46 percent for the quarter, while sales of M&HCV in the domestic market increased 41 percent. ($1 = 64.0250 Indian rupees) (Reporting By Arnab Paul in Bengaluru; Editing by Amrutha Gayathri)

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