Commercial vehicle manufacturer Ashok Leyland on Tuesday reported a dip in profit for the last quarter of fiscal 2023 even as its profit for the whole year more than doubled.

At Rs 751.41 crore, the net profit for the quarter ended March dropped nearly 17% from a year ago, despite a rise in revenue. Its total revenue from operations increased nearly 33% to Rs 11,626 crore.

The fall in profit was primarily because the company accrued a one-time gain in the same quarter last year. For the full year, the net profit of the company surged to Rs 1,380 crore, and revenue grew 67% to Rs 35,977 crore.

The Hinduja-owned company’s truck market share improved to 32.7% in the last quarter from 30.6% a year ago. Its bus market share improved to 27.1% from 26.4 % last year. Ashok Leyland's domestic light commercial vehicle volumes also grew by 18% in the reported quarter.

A mixed bag at NMDC: State-owned NMDC saw its net profit rise 22.3%, to Rs 2,276.9 crore, on a consolidated basis for the fourth quarter of 2022-23. It was Rs 1,862.31 crore in Q4 of the previous fiscal.

That said, the company's profit from ordinary activities before exceptional items and tax dipped by nearly 30% year-on-year due to subdued demand and offsetting of price hikes in iron ore in the March 2023 quarter. Not just that, NMDC recorded a decline in its top line as well. Revenue came in at Rs 5,851.37 crore, down 13.8% from Rs 6,785.30 crore in the fourth quarter of 2021-22.

Biocon in great health: Pharma company Biocon posted a net profit of Rs 313.2 crore in the fourth quarter of 2022-23, a rise of 31.3% from Rs 238.6 crore in the same quarter of the previous fiscal. The profit growth is attributed to strong growth across key parameters. Its revenue from operations also climbed 56.7% to Rs 3,773.9 crore in the quarter. The company's EBITDA jumped 68.4% to Rs 997.3 crore.