Ashok Leyland has reported its financial performance for FY2022. The company reported revenue of Rs 21,688 crore, a growth of 42 percent, and profit after tax at Rs 542 crore as against a loss after tax of Rs 314 crore for the same period last year.
For Q4 FY2022 the revenue came at Rs 8,744 crore (+25% YoY) in compared to Rs 7,000 crore for the same period last year; The profit after tax was Rs 901 crore as against Rs 241 crore in Q4 last year.
The company’s market share for Q4 FY22 improved to 30.6 percent compared 28.9 percent a year ago, which also is its highest market share seen in the last 11 quarters.
The OEM attributes the robust performance to the successful launch of its AVTR range – India’s first modular truck platform and the launch of the CNG range in ICV’s.
Furthermore, in the last quarter the company exported 4,173 MHCV & LCV a growth of 32 percent YoY. On a full year basis, the exports came at 11,014 units which was 38 percent higher than last year
Dheeraj Hinduja, executive chairman, Ashok Leyland said, “We have seen recovery in Q4 FY’22 and the overall performance has been very good. The CV industry is on a recovery owing to the improvement in the macroeconomic environment and healthy demand from the end-user industries. The MHCV segment is leading the recovery riding on the back of growth in core sectors such as construction & mining, agriculture, increased capital outlay for infrastructure projects and pent-up replacement demand. The performance of our BS VI products have been very good and the introduction of CNG products has helped us regain our market share.”
“LCV volumes driven by increased demand for last mile connectivity, especially from the e-commerce segment is expected to grow further. The focus on exports, defence, power solutions and parts businesses will ensure a balanced growth, even as we expand the reach and the products of our core M&HCV business. We are keenly following the commodity prices, and the situation on the supply of semiconductors and hope that both will ease,” added Hinduja.
Gopal Mahadevan, Whole Time Director and CFO, Ashok Leyland said “We believe that the Q4 performance posted a good recovery. Our truck market shares have been growing steadily quarter on quarter in MHCV and in LCV, volumes have picked up. All other businesses including aftermarket and international operations have done exceptionally well. The higher volumes and our cost management initiatives have helped us improve our bottom line. We have generated close to Rs 2,000 crore in cash this quarter owing to better profits and improved working capital, we will continue to focus on driving operational efficiency.”