Commercial vehicle maker, Ashok Leyland, reported a 12.1 percent year-on-year increase in its profit for the fourth quarter of 2018-19 at Rs 653 crore. In the same period last year, its standalone profit stood at Rs 743 crore.

Its revenue from operations fell by 0.8 percent to Rs 8,846 crore in the March ended quarter from Rs 8,780 crore in the previous year. Its revenues were led by 1.3 percent YoY increase in sales volumes to 59,523 units.

Sale of its light commercial vehicles grew by 8.3 percent, while that of medium and heavy commercial vehicles dropped 0.9 percent in the quarter under review. Further, its MHCV market share rose to 36.9 percent as against 35.1 percent last year.

The EBITDA (earnings before interest, tax, depreciation and amortisation) fell by 12.5 percent to Rs 985.5 crore and EBITDA margin contracted by 170 bps to 11.1 percent in the fourth quarter.

The company's board has recommended a dividend of Rs 3.10 per equity share of Re 1 for the year ended 31 March, 2019, subject to approval by the shareholders at the Annual General Meeting. Dividend was declared at Rs 2.43 per equity share of Re 1 in the previous year.

Shares of Ashok Leyland rose over 6 percent to Rs 94.25 apiece on Friday.

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