Ashok Leyland, a leading Commercial Vehicle manufacturer today reported a massive 747% Year-on-Year (YoY) growth in net profit for the Q1 FY24. The company’s net profits for this quarter stood at Rs 576 crore as against Rs 68 crore in the same period last year. Revenue for Q1 FY 24 grew by 13% to Rs 8,189 crore as opposed to Rs 7,223 crore in Q1 FY23.
Speaking of Ashok Leyland’s domestic MHCV growth, it grew by 7 percent and market share grew from 30.0% to 31.2%. The MHCV truck market share was at 31.7% for Q1 FY24 as against 31.1% in the same period last year. The company’s domestic LCV (Light Commercial Vehicles) volume in Q1 FY24 was 14,821 units, 3 percent higher than Q1 of last year (14,384 units).
EBITDA grew by 10% for Q1 FY24 (Rs 821 crore) as against 4.4% (Rs 320 crore) in the corresponding period last year. The net debt-to-equity ratio stood at 0.2 at the end of Q1 FY24.
The company also claimed that tax expense for the quarter was lower as it has considered a one-time deferred tax credit of 172 crores on account of the expected transition to a lower tax regime in the following financial year.
Speaking of Ashok Leyland’s domestic MHCV growth, it grew by 7 percent and market share grew from 30.0% to 31.2%. The MHCV truck market share was at 31.7% for Q1 FY24 as against 31.1% in the same period last year. The company’s domestic LCV (Light Commercial Vehicles) volume in Q1 FY24 was 14,821 units, 3 percent higher than Q1 of last year (14,384 units).
EBITDA grew by 10% for Q1 FY24 (Rs 821 crore) as against 4.4% (Rs 320 crore) in the corresponding period last year. The net debt-to-equity ratio stood at 0.2 at the end of Q1 FY24.
The company also claimed that tax expense for the quarter was lower as it has considered a one-time deferred tax credit of 172 crores on account of the expected transition to a lower tax regime in the following financial year.
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“With the industry maintaining the growth in Q1 FY’24, we have been able to post excellent results with focused market performance while reining in costs. We are pleased that we have continued to grow our market share in Q1,” says Dheeraj Hinduja, Executive Chairman, Ashok Leyland.
“With the expansion in revenues and efficient cost management, we have seen our bottom line improving substantially. While we continue to expand our market penetration on the back of efficient products and expanding the network, we shall remain acutely focused on achieving and sustaining double-digit profitability,” says
Shenu Agarwal, MD & CEO, Ashok Leyland.
