Ashok Leyland delivers strong Q3 Net Profit up 62 times to Rs.361 Cr
Chennai, February 06, 2023: Ashok Leyland, the Indian flagship of the Hinduja Group achieved a MHCV market share of 33 % in Q3 FY23 up from 26.1% last year. Ashok Leyland’s domestic MHCV volume at 28221 nos. grew by 69% over the same period last year (16667 nos.) Revenues for the quarter stood at Rs. 9030 crores vis-a-vis Rs. 5535 crores in Q3 FY’22. Profit After Tax (PAT) for the quarter stood at Rs.361.3 Cr. vis a vis Rs. 5.8 Cr in the same period last year.
Ashok Leyland’s domestic LCV volumes for Q3 FY’23 at 16405 nos. is higher than Q3 FY’22 by 15% (14233 nos.).
The company reported an EBITDA of Rs. 797 Cr (8.8%).in Q3 FY’23 vis a vis Rs. 224 Cr. (4.0%) for Q3 FY’22.
Debt was at Rs. 2043 Cr in Q3 FY ’23. Debt Equity was at 0.3 times in Q3 FY ’23 as compared to 0.4 times in Q3 FY ‘22.
The Company saw growth in all three segments – MDV, ICV and LCV. The Company expanded its robust portfolio in both MHCV and LCV segments with the launches of Partner Super, Bada Dost I1 and I2 variants. The company saw strong demand for the AVTR range – India’s first modular truck platform, and this demand is expected to further improve, mirroring the increase in economic activity. In the LCV segment, both Dost and Bada Dost continued to perform very well. Going forward, last-mile connectivity demand propelled by e-commerce is likely to support LCV truck volumes. The company also extended its widespread network by opening 57 new outlets across the country. Other businesses like After-market and Power Solutions Business continue to contribute strongly to the top line of the Company.
Mr. Dheeraj Hinduja, Executive Chairman, Ashok Leyland, 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. This, along with our continued focus on optimising input costs, has helped us achieve better financial performance. The softening of commodity prices has also been positive. The industry continues to grow and has seen strong volumes in Q3 FY’23 over the same period last year. 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.”
Mr. Shenu Agarwal, MD & CEO, Ashok Leyland, added, “The current quarter saw the confluence of continued uptick in our volumes, better realisations, and lower input costs thus helping us achieve higher profitability as well as market share. At Ashok Leyland, we aim to stay ahead of the curve, driven by our Newgen products and a talented team and will continue to pursue growth profitably and sustainably.”