Buoyed by larger gross sales, Hinduja Group flagship Ashok Leyland on Thursday reported a greater than double bounce in web revenue for the second quarter of fiscal 2023-24 to Rs 569.31 crore, in comparison with Rs 185.8 crore throughout the July-September quarter of 2023. 2022-23.
In the course of the quarter underneath evaluate, the corporate additionally noticed its income rise by 19 per cent to Rs 11,429.04 crore as in opposition to Rs 9,600.08 throughout the second quarter of the earlier fiscal. Ashok Leyland’s board has accepted a plan to speculate Rs 1,200 crore in Swap Mobility, to fund its growth. The corporate mentioned on Thursday that it isn’t on the lookout for any strategic accomplice for the electrical automobile challenge these days.
The business automobile producer achieved a big enhance in its bus market share throughout this era, making it the biggest bus producer in India.
“We proceed to see sturdy demand throughout all truck and passenger automobile segments. The business continues to witness sturdy progress, on the again of sturdy macroeconomic elements, and we’re assured that FY24 will see additional progress,” mentioned Dheeraj Hinduja, Govt Chairman, Ashok Leyland. Within the second half as effectively.”
“Our sturdy general efficiency exemplifies Ashok Leyland’s know-how and value management,” he mentioned.
Ashok Leyland’s home medium and heavy business automobile (MHCV) quantity reached 29,947 models, up 18 per cent in comparison with the second quarter of final yr, in step with business progress.
Gentle business automobile (LCV) volumes stood at 16,998 models, in comparison with 17,040 models in Q2FY23. Export volumes for the quarter (MHCV and LCV) stood at 2,901 models, a rise of 4 per cent, regardless of a number of social and political challenges throughout the board. world wide.
“Whereas worldwide enterprise faces challenges globally because of conflicts world wide, we’re intensifying our growth technique in our focus markets within the Center East, Africa and Asia. The corporate continues to construct its capabilities in “Within the subject of different power, we’ll quickly be launching some thrilling merchandise and options.”
EBITDA (earnings earlier than curiosity, tax, depreciation and amortisation) for the quarter was Rs 1,080 crore as in opposition to Rs 537 crore in Q2FY23.
Web debt on the finish of the quarter stood at Rs 1,139 crore. All different corporations recorded good progress within the present quarter. The corporate has expanded the MHCV vary by launching new merchandise within the tipper, tractor and small aerial automobile classes.
The main focus continued on increasing the distribution community with the addition of 47 extra contact factors throughout the quarter, particularly within the northern and jap components of the nation.
“Now we have achieved progress and progress in profitability. The second half of the yr appears to be like set to witness twin tailwinds of demand progress and decrease commodity costs, which ought to enhance business profitability,” mentioned Shinu Agarwal, MD & CEO, Ashok Leyland.
For Ashok Leyland, that is the third consecutive quarter of double-digit EBITDA, he mentioned.
“There’s a big give attention to margin enhancement, community growth, operational effectivity, price optimization and deployment of digital know-how as an enabler of progress and productiveness. There’s an enhanced drive to develop all non-MHCV companies as effectively and we count on to see the advantages of all this within the coming quarters,” Agarwal mentioned.
(Tags for translation)Ashok Leyland