Ashok Leyland has reported a net profit of INR 576 crore for the April-June quarter, over eight times higher than INR 68 crore in the same period last year. Revenue was INR 8,189 crore (INR 7,223 crore) while domestic volumes of medium and heavy commercial vehicles grew by 7%.
The company's market share in this product segment was 31.7%, up from 31.1% in the same period last year. Light commercial vehicle numbers were 14,821 units, 3% higher than 14,384 units in Q1 of last fiscal. EBITDA was up to 10% (INR 821 crore) from 4.4% (INR 320 crore).
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The power solutions and aftermarket businesses continued to contribute strongly to topline. Dheeraj Hinduja, Executive Chairman, said “We are concurrently intensifying our efforts in international expansion and, through Switch Mobility, are actively moving towards net zero carbon mobility.”
Shenu Agarwal, MD & CEO, added, “With expansion in revenues and efficient cost management, we have seen our bottomline improve substantially. We will remain acutely focused on achieving and sustaining double-digit profitability as well as investing in technologies of the future.”