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Chennai Jan. 31 Ashok Leyland has reported a net profit of Rs 105.20 crore for the third quarter of the current year, almost double of Rs 54.50 crore achieved in the corresponding quarter of last year.

Turnover (net of excise) for the quarter increased to Rs 1,777.59 crore (Rs 1,201.17 crore).

A company press release has attributed the growth to the "continuing buoyancy in the commercial vehicles market" which got the company a 54 per cent growth in volume terms.

"Our operating margins for the quarter are up 68 basis points, despite continuing pressure from input costs. Volume expansion and the resultant operating economies helped," Mr R. Seshasayee, Managing Director, Ashok Leyland, has said in the press release.

The release quotes him as saying that the company was targeting a topline growth of 30 per cent for the year, but material costs would remain firm.

Ashok Leyland's turnover in the first nine months of the current year increased 39 per cent to Rs 4,871.18 crore (Rs 3,512.84 crore). Net profit for the period also rose 39 per cent to Rs 269.76 crore.

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