Ashok Leyland Q3 results: Net profit jumps 61% YoY to ₹580 crore, revenue comes in at ₹9,273
Ashok Leyland Q3 results: Commercial vehicle reported a 60.5% YoY rise in its standalone net profit to ₹580 crore in the quarter ending December in FY 23-24. Its net profit stood at ₹361.34 crore in the year-ago period. Company’s net standalone revenue increased by 2.7% YoY to ₹9,273 crore against ₹9,029.7 crore in the year-ago period.
The Hinduja group firm’s EBITDA stood at ₹1114 crore during the quarter under review against Rs. 797 Cr (8.8%) during the December quarter.
The commercial vehicle sales volume increased significantly to 1,38,416 units in the first nine months of FY 24. The company also performed well in terms of exports. Despite global headwinds, Asok Leyland export volume increased by 6.5% YoY to 3128 units in Q3 FY24 against 2936 units in the same period last year, registering a growth of 6.5%.
Company debt stood at ₹1747 crore at the end of the third quarter of present financial year. In the December quarter, Ashok Leyland finalised orders for more than 3800 buses from State Transport Undertakings. Marking AShok Leyland’s entry into the EV market, the company began the delivery of its first Electric 55T Tractor – Trailer, and its first 14T Boss Electric Truck.
Mr. Dheeraj Hinduja, Executive Chairman, Ashok Leyland, said “The present favourable market conditions are expected to hold in the foreseeable future. The steady progress we are making in sales volume and profitability is backed by products that deliver superior performance and customer value coupled with robust customer engagement across segments.
A suite of new products in conventional and alternate propulsion technologies is slated for introduction progressively to consolidate our gains in the domestic market and facilitate our forays in overseas markets.”
Mr. Shenu Agarwal, Managing Director & CEO, Ashok Leyland, added, “We have been able to achieve significant improvement in our Net Profits. The current quarter saw the confluence of good volumes, better price realization, and higher cost savings, thus helping us achieve better profitability. Other businesses such as After-market, Power Solutions and Defence also
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Published: 05 Feb 2024, 08:18 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.