Ashok Leyland, the Indian flagship of the Hinduja Group, reported a profit of Rs 933.69 crore during the quarter ended March 31, 2024, recording a growth of 16.7 per cent in comparison to Rs 799.87 crore during the same period last year. It posted revenue from operations at Rs 13,577.58 crore, up 2.2 per cent as against Rs 13,202.55 crore during the fourth quarter of FY23. The company EBITDA stood at Rs 1592 crore.
While the total income for the quarter stood at Rs 13,613.29 crore, total expenses incurred by the company during the quarter in review came in at Rs 12,037.16 crore. “The record performance has been enabled by the company’s superior product offerings and its expanding sales and service reach. During the year, the company opened 246 new outlets across the country,” the company said in a regulatory filing.
The results, Ashok Leyland said, were backed by an all-round performance with contributions from all business verticals. In the M&HCV Bus segment, Ashok Leyland emerged as market leader with a market share gain of 5.8 per cent points.
Overall CV volumes at 194,553 units were very close to the previous high of 197,366. LCV volumes in the 2-3.5T category were maintained despite the industry witnessing a reduction in volumes.
Export volumes for the year, it said, grew by 5 per cent despite challenging conditions in target markets. The Power Solutions and Defence Businesses also posted impressive growth.
Dheeraj Hinduja, Chairman, Ashok Leyland Limited, said, “What makes this achievement significant is that it is coming in a year when we are celebrating our 75th year anniversary. We continue to be optimistic about our industry prospects in the short to medium terms backed by anticipated robust growth in the Indian economy. We are confident that we will continue to maintain sustainable and profitable growth year after year through our unwavering pursuit of delivering differentiated products and providing best-in-class customer satisfaction.”
Shenu Agarwal, Managing Director & CEO, Ashok Leyland Limited, said “FY24 has been a strong year for us. Whether it is revenues, EBITDA margins or profits, we have achieved all-time high numbers. This gives us even more strength to move towards our medium-term goal of mid-teen EBITDA. Our product portfolio is very robust, and our future pipeline is strong. We are confident that our product superiority and our expanding reach will help us to further improve our market share as well as our price realizations. Our team continues to relentlessly focus on cost management initiatives.”