Ashok Leyland Ltd. Results

Q2FY25 Quarterly Result Announced for Ashok Leyland Ltd.

Commercial Vehicles company Ashok Leyland announced Q2FY25 results Profit After Tax (PAT) of Rs 770 crore for the quarter, growing at 37% over Q2FY24. EBITDA for the quarter was up at 11.6% (Rs 1017 crore) as against 11.2% (Rs 1080 crore) in Q2FY24. Dheeraj Hinduja, Executive Chairman, Ashok Leyland, said: 'The Indian Economy is expected to do well in the second half which would benefit our industry. We remain optimistic about industry prospects for H2 on back of strong macroeconomic fundamentals, supported by resumption of Government spending in Capex and good monsoons. Our robust all-round performance in Q2 is backed by our technologicol and cost leadership. Internationally as well, we are intensifying our expansion strategy in our focus markets of SAARC, Middle East, Africa and Asia, aimed at posting the best performance ever during this fiscal. We continue to invest in new products with alternative fuels. Switch is doing well with an order book of nearly 2000 buses. II Shenu Agarwal, MD & CEO, Ashok Leyland, said: "Our focus on profitability continues. We are happy that we could improve our profitability by focusing on premiumization of our products, addressing cost compression opportunities, and continuously elevating our standards of customer service. Our PAT for Q2FY25 is an all-time high. Our EBITDA margins have improved both sequentially and on YaY basis, making this the seventh consecutive quarter of double-digit EBITDA. We are well on track to achieve mid-teen EBITDA in the medium term."

Q3FY24 Quarterly Result Announced for Ashok Leyland Ltd.

Commercial Vehicles company Ashok Leyland announced Q3FY24 results: Financial Performance: - Ashok Leyland reported an EBITDA of Rs 1,114 crore at a rate of 12.0% for Q3FY24, an increase from Rs 797 crore at 8.8% in Q3FY23. - Net profit soared to Rs 580 crore, marking a 60% increase over the same quarter in the previous fiscal year. - Revenues climbed to Rs 9,273 crore in Q3FY24, up 2.7% from Rs 9,030 crore in Q3FY23. Sales Performance: - Achieved a historic high in Commercial Vehicle (CV) sales volume with 1,38,416 units in the first nine months of the fiscal year. - Export volume saw a growth of 6.5%, with 3,128 units sold in Q3FY24 compared to 2,936 units in the same period last year. Financial Position: - Debt levels were at Rs 1,747 crore at the end of Q3FY24, with a debt-equity ratio of 0.2 times, an improvement from 0.3 times at the end of the previous quarter. - The company made an investment of Rs 662 crore into Optare PLC/Switch during the current quarter. Product Highlights: - Ashok Leyland remains the leading manufacturer of Buses in India, receiving orders for over 3,800 buses from State Transport Undertakings. - Introduced the first Electric 55T Tractor - Trailer and the first 14T Boss Electric Truck at the Bharat Mobility Global Expo in New Delhi. Dheeraj Hinduja, Executive Chairman, stated: "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." Shenu Agarwal, Managing Director & CEO, commented: “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 continue to strongly contribute to our top line and margins. On the back of new differentiated products, a deeper focus on cost optimization, and continued discipline on pricing, we shall relentlessly pursue improvement in profitability. We remain confident and optimistic about the growth of the CV industry in the medium and long term as macroeconomic factors continue to be favorable."

Q2FY24 Quarterly Result Announced for Ashok Leyland Ltd.

Commercial Vehicles company Ashok Leyland announced Q2FY24 results: Revenue for Q2FY24 at Rs 9,638 crore vis a vis Rs 8,266 crore in Q2FY23 posting a 17% growth over last year. Profit After Tax (PAT) of Rs 561 crore for Q2FY24 grew 181% over Q2FY23. Ashok Leyland's domestic MHCV volume at 29,947 nos. grew by 18% over Q2 last year in line with Industry growth. LCV volumes for Q2FY24 at 16,998 nos. is almost same as Q2FY23 (17,040 nos.). Export volumes for Q2FY24 (MHCV & LCV) at 2,901 nos. was higher by 4% despite multiple sociopolitical challenges across the globe. While the overall MHCV MS is moving in the right direction, there is a significant increase in bus market share making it the No.1 bus manufacturer in India. EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) for the quarter was Rs 1,080 crore (11.2%). vis-a-vis Rs 537 crore (6.5%) in Q2FY23. Net debt at the end of Q2FY24 stood at Rs 1,139 crore with a Debt Equity at 0.1 time. All other businesses posted good growth in the current quarter. The company expanded its MHCV range by launching new products in the Tipper, Tractor, and MAV categories. The focus on expansion of the distribution network continued with the further addition of 47 touch points in the quarter - especially in the Northern and Eastern parts of the country. Dheeraj Hinduja, Executive Chairman, Ashok Leyland, said, "We continue to see strong demand in all segments of trucks and passenger vehicles. The industry continues to post strong growth, on the back of strong macroeconomic factors and we are confident that FY24 will see further growth in the second half as well. Our robust all-round performance exemplifies the technological and cost leadership of Ashok Leyland. While International business globally is challenged owing to the conflicts across the globe, we are intensifying our expansion strategy in our focus markets of the Middle East, Africa, and Asia. The Company continues to build its capabilities in alternative energy and shall be soon coming up with some exciting products and solutions." Shenu Agarwal, MD & CEO, Ashok Leyland, added, "We have grown and grown profitability. The second half of the year appears to have the twin tailwinds of demand growth and softer commodity prices which should improve the profitability of the industry. For Ashok Leyland, this is the 3rd consecutive quarter of double-digit EBITDA. There is tremendous focus on margin enhancement, network expansion, operational efficiency, cost optimization, and deployment of Digital as an enabler for growth and productivity. There is enhanced thrust to grow all non-MHCV businesses as well and we expect to see the benefits of all of this in the coming quarters".

Q1FY24 Quarterly Result Announced for Ashok Leyland Ltd.

Commercial Vehicles company Ashok Leyland announced Q1FY24 results: Net Profits for Q1FY24 stood at Rs 576 crore as against Rs 68 crore in Q1FY23. Revenue for Q1FY24 stood at Rs 8,189 crore as against Rs 7,223 crore in Q1FY23. In Q1FY24 Ashok Leyland's domestic MHCV volume grew by 7% and market share grew from 30.0% to 31.2%. The MHCV truck market share was at 31.7% for Q1FY24 as against 31.1% in Q1FY23. The Company's domestic LCV volume in Q1FY24 was 14821 units, 3% higher than Q1FY23 (14384 units). EBITDA shot up to 10.0% for Q1FY24 (Rs 821 crore) as against 4.4% (Rs 320 crore) in Q1FY23. Net Debt to Equity stood at 0.2 times at the end of Q1FY24. Tax expense for Q1FY24 was lower as it considers a one-time deferred tax credit of Rs 172 crore on account of the expected transition to a lower tax regime in the following financial year. Dheeraj Hinduja, Executive Chairman, Ashok Ley/and, said "With the industry maintaining the growth in Q1FY24, we have been able to post excellent results with focused market performance while reining in costs. We are pleased that we have continued to grow our market share in Q1. We are concurrently intensifying our efforts in international expansion. Through our Electric Vehicle subsidiary, Switch Mobility, we are actively moving towards net zero carbon mobility. The EV market is growing gradually, and we are geared to participating in this growth with a clear road map." Shenu Agarwal, MD & CEO, Ashok Leyland, added, "With the expansion in revenues and efficient cost management we have seen our bottom line improving substantially. While we continue to expand our market penetration on the back of efficient products and expanding the network, we shall remain acutely focused on achieving and sustaining double-digit profitability. This is important for us as we focus on improving our resilience and investing in technologies of the future."