Ashok Leyland has announced that its net profit during Q3FY23 grew by 62 folds to INR 361.3 crore against INR 5.8 crore registered in the same period last year. The increase, among other factors, was also due to the lower base of last year and increasing market share in certain segments.
The company's revenue for the quarter stood at INR 9,030 crore vis-a-vis INR 5,535 crore in Q3 FY22, and EBITDA was at INR 797 crore. Debt was at INR 2,043 crore in Q3FY23, and the debt-equity was at 0.3 times in the quarter under review compared to 0.4 times in Q3FY22.
The company was able to notch a 33% market share in the MHCV segment in Q3FY23, up from 26.1% during the same quarter last year. The OEM’s domestic MHCV volume at 28,221 units grew by 69% (16,667 units). Its domestic LCV volumes for the quarter at 16,405 units are also higher than Q3FY22 by 15% (14,233 units).
Dheeraj Hinduja, Executive Chairman, Ashok Leyland, noted that the company saw growth in all three segments – MDV, ICV and LCV as it expanded its portfolio in both MHCV and LCV segments with the launches of Partner Super, Bada Dost I1, and I2 variants.
He said, “We have been able to achieve growth in market share on a Pan India basis together with significant improvement in net profits. Our team continues to pursue better realisations even as we expand our market share. We remain confident and optimistic about the future as macroeconomic factors continue to be favourable. With our robust product portfolio, we are intensifying our global market expansion strategy.”
Shenu Agarwal, MD & CEO, Ashok Leyland, added, “The current quarter saw the confluence of a continued uptick in our volumes, better realisations, and lower input costs, thus helping us achieve higher profitability as well as market share.”
Also Read