Ashok Leyland Q2. (Photo: IANS)
Ashok Leyland’s Q2 revenues rise to Rs 9,638 crore from Rs 8,266 crore in the second quarter of FY23
Commercial car maker Ashok Leyland on Thursday stated its revenue after tax almost tripled to Rs 561 crore in September 2023 quarter 2023-24. In the yr-in the past interval, the PAT was Rs 199.31 crore.
Revenues in the course of the quarter beneath evaluate rose to Rs 9,638 crore from Rs 8,266 crore in the second quarter of FY23, the corporate stated in a press release. It stated EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) for the quarter was Rs 1,080 crore as towards Rs 537 crore in the corresponding quarter of FY23.
Net debt stood at Rs 1,139 crore on the finish of the second quarter, it stated. The home medium and heavy business autos (MHCV) gross sales stood at 29,947 models, up 18 per cent from the second quarter of the earlier fiscal, which is in line with trade development.
Light business car (LCV) quantity was at 16,998 models in contrast to 17,040 LCVs offered in the identical interval final yr, Ashok Leyland stated. Export volumes for the quarter (MHCV & LCV) had been 4 per cent increased at 2,901 models from the yr-in the past interval regardless of a number of socio-political challenges throughout the globe.
The firm stated whereas its general MHCV MS is transferring in the best course, it considerably elevated its bus market share, making it the highest bus producer in the nation. “We have grown and grown profitability. The second half of the year appears to have the twin tailwinds of demand growth and softer commodity prices which should improve the profitability of the industry,” Shenu Agarwal, Managing Director and Chief Executive Officer of Ashok Leyland, stated.
This is the third consecutive quarter of double-digit EBITDA, he stated, including that there’s large give attention to margin enhancement, community enlargement, operational effectivity, price optimisation and deployment of digital as an enabler for development and productiveness. There is an enhanced thrust to develop all non-MHCV companies as nicely and “we expect to see the benefits of all of this in the coming quarters,” he added.
Further, the corporate stated that its all different companies posted good development in the present quarter and added that it expanded its MHCV vary by launching new merchandise in tipper, tractor and MAV classes. The give attention to enlargement of the distribution community continued with additional addition of 47 contact factors in the quarter, particularly in the northern and japanese elements of the nation, it stated.
“We continue to see strong demand in all segments of trucks and passenger vehicles. The industry continues to post strong growth, on the back of strong macroeconomic factors and we are confident that FY24 will see further growth in the second half as well,” Dheeraj Hinduja, Executive Chairman of Ashok Leyland, stated. While International enterprise globally is challenged owing to the conflicts throughout the globe, “we are intensifying our expansion strategy in our focus markets of the Middle East, Africa and Asia,” he stated.
The firm continues to construct its capabilities in different vitality and shall be quickly arising with some thrilling merchandise and options, Hinduja added.
(With Inputs from PTI)
