July 17, 2018 / 7:57 AM / 2 years ago

Ashok Leyland first-quarter profit tops expectations

India's Ashok Leyland Ltd Light Specialist (R) and Field Artillery Tractor vehicles are displayed at the fifth Land and Naval Systems Defence Expo 2008 in New Delhi February 18, 2008. REUTERS/B Mathur/File Photo

(Reuters) - India’s Ashok Leyland Ltd reported a better-than- expected first quarter net profit on Tuesday, driven by higher sales in its medium and heavy commercial vehicles business.

Net profit bit.ly/2JujRSG rose to 3.70 billion rupees ($54.13 million) in the quarter ended June 30 from 1.11 billion rupees a year ago. The year-earlier quarter included a foreign exchange loss of 26.7 million rupees.

Analysts on average had expected 3.54 billion rupees for the latest reported quarter, according to Thomson Reuters data.

Revenue from operations increased about 38 percent to 62.50 billion rupees, while domestic sales of medium & heavy commercial vehicles rose 60 percent.

($1 = 68.3575 Indian rupees)

Reporting By Arnab Paul and Aby Jose Koilparambil in Bengaluru; Editing by Saumyadeb Chakrabarty

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