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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."
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