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 Heavy vehicle manufacturer Ashok Leyland on Monday reported a 60 per cent increase in its standalone net profit at Rs 580 crore for the October-December quarter of the current financial year (FY 2023-24).

The company had posted a net profit of Rs 361 crore in the same quarter of the previous fiscal.

The company's standalone revenue during the third quarter came in at Rs 9,273 crore, up 2.7 per cent from Rs 9,030 crore in the same quarter of the preceding financial year, the company said in a press statement.

Its EBITDA came in at Rs 1,114 crore (12 per cent) in Q3 FY24, as compared to Rs 797 crore (8.8 per cent) in Q3 FY23.

"Despite global headwinds, an export volume of 3,128 units was achieved in Q3 FY24, as against 2,936 units in the same period last year, registering a growth of 6.5 per cent," according to the statement.

Ashok Leyland Chairman Dheeraj Hinduja said, “The present favourable market conditions are expected to hold in the foreseeable future… A suite of new products in conventional and alternate propulsion technologies is slated for introduction progressively to consolidate our gains in the domestic market and facilitate our forays in the overseas markets.”