Ashok Leyland shares rise 3% despite 92% fall in March quarter profit

Shares of Ashok Leyland rose as high as 3.64 per cent to Rs 55.50 on the BSE on Friday despite the company posting a 92.31 per cent decline in consolidated net profit at Rs 57.78 crore in the fourth quarter of FY20 (Q4FY20).

The Hinduja Group flagship firm's revenue from operations during the quarter under review stood at Rs 5,088.04 crore as against Rs 9,874.04 crore in the year-ago period.

For fiscal year 2019-20, the company posted a consolidated net profit of Rs 459.80 as compared with Rs 2,194.60 crore in 2018-19. Revenue from operations in FY20 stood at Rs 21,951.27 crore