Ashok Leyland Shares Fall After Profit Declines In Q1
The truck manufacturer's standalone net profit declined 8.7% year-on-year to Rs 526 crore for the quarter ended June 30, 2024.
Shares of Ashok Leyland Ltd. fell on Thursday after its first-quarter profit declined.
The truck manufacturer's standalone net profit declined 8.7% year-on-year to Rs 526 crore for the quarter ended June 30, 2024, according to an exchange filing. Revenue rose 5% to Rs 8,599 crore.
Operating income—or earnings before interest, taxes, depreciation, and amortisation—rose 11% year-on-year to Rs 912 crore. The Ebitda margin expanded to 10.6% from 10% over the same period last year.
Shares of the company fell as much as 3.29% to Rs 224.85 apiece. It pared losses to trade 0.50% lower at Rs 231.34 apiece as of 1:17p.m. This compares to a 0.1% decline in the NSE Nifty 50 Index.
The stock has risen 26.55% in the last 12 months. The total traded volume so far in the day stood at 1.2 times its 30-day average and 27.79% year-to-date. The relative strength index was at 53.86.
Out of 43 analysts tracking the company, 29 maintain a 'buy' rating, six recommend a 'hold,' and eight suggest a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 3.8%.
