New Delhi, Feb 11 (PTI) Commercial vehicles maker Ashok Leyland on Friday reported a profit after tax (PAT) of Rs 6 crore for the third quarter of this fiscal.

The company had reported a net loss of Rs 19 crore in the same period of the previous financial year.

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Revenues for the December quarter stood at Rs 5,535 crore as against Rs 4,814 crore in the third quarter of 2020-21, Ashok Leyland said in a statement.

"The commercial vehicle industry is on a recovery owing to the improvement in the macro economic environment and healthy demand from the end-user industries.

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"The MHCV (medium and heavy commercial vehicles) segment is expected to lead the recovery in the coming months riding on the back of growth in core sectors such as construction and mining, increased capital outlay for infrastructure projects, conducive financing environment and pent up replacement demand," Ashok Leyland Executive Chairman Dheeraj Hinduja noted.

Together with the introduction of CNG, the company is confident of recovering its market share, he added.

"LCV (light commercial vehicle) volumes should grow further owing to the increased demand for last mile connectivity, especially from the e- commerce segment. The focus on exports, defence, power solutions and parts businesses will ensure a balanced growth, even as we expand the reach and the products of our core MHCV business," Hinduja stated.

He further said:" We are hoping that the commodity prices will decrease further and the situation on the semiconductor will ease."

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)