Ashok Leyland in its fourth quarter reported strong performance with revenues jump of 33 percent to Rs 11,625 crore. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 64 percent year on year to Rs 1,275 crore, better than the CNBC-TV18 poll of Rs 1,213 crore.

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EBITDA margins grew 210 bps to 11 percent versus 8.9 percent in same quarter of last year and CNBC-TV18 poll of 10.2 percent. The margin expansion was driven by moderating discounts and operating leverage during the quarter.

Net profits for Ashok Leyland dipped 17 percent to Rs 751 crore, but still came in better than the estimated Rs 623 crore.

The performance in fourth quarter was in line with expectations as medium and heavy commercial vehicle volumes witnessed significant traction. The volume growth in same period was 23 percent year on year at 59,697 units vs 48,719 units.

The Board at its meeting held on May 23 recommended a dividend of Rs 2.60 per equity share of Re.1/- each for the financial year ended March 31, 2023.