Ashok Leyland shares gain as July sales jump 11% YoY

Shares of Ashok Leyland rose nearly 1% to Rs 185.75 on August 2 after the company reported better sales for July 2023.
The company sold 15,068 units for the month, up 10.6% from the 13,625 units sold in July 2022.
Total sales of medium and heavy commercial vehicles (M&HCVs) increased 17% to 9,571 units, and sales of light commercial vehicles (LCVs) increased slightly to 5,497 units in July 2023.

On July 21, the company reported a 747% year-over-year increase in standalone net profit (YoY) for the quarter ended June to Rs 576.42 crore from Rs 68.05 crore in the same period. quarter of the previous year. The company’s operating income increased 13.4% to Rs 8,189.29 crore from Rs 7,222.85 crore and other income increased to Rs 51 crore from Rs 26 crore a year ago. Prabhudas Lilladher, in his report July 25, maintained a buy rating with a target price of Rs 225.
The stock hit a 52-week high of Rs 186.45 and a 52-week low of Rs 133.10 on July 24, 2023 and March 28, 2023, respectively.
Currently, the stock is trading 0.38% below its 52-week high and 39.56% above its 52-week low.