Executive Chairman Dheeraj Hinduja stated that the board had given in-principal approval to infuse ₹1,200 crore in electrical car subsidiary Switch Mobility as a part of its core funding technique, even whereas contemplating all choices to elevate funds by way of varied modes.
Ashok Leyland reported standalone net revenue for the June-ended quarter surged greater than eightfold to ₹576 crore year-on-year on account of upper sales throughout segments and one-time deferred tax credit score of ₹172 crore on anticipated transition to decrease tax regime.
Revenue from operations grew by 13% to ₹8,189 crore, whereas value of supplies contracted by 4% to ₹5,876 crore.
“In Q1, even after removing the adjustments of ₹172 crore, we have seen our profit increasing by over fivefold. Going forward also, our aim is to grow faster than the industry,” CFO Gopal Mahadevan informed the media including that they’ve lined up capital expenditure price ₹750-800 crore for FY24.
Executive Chairman Dheeraj Hinduja stated that the board had given in-principal approval to infuse ₹1,200 crore in electrical car subsidiary Switch Mobility as a part of its core funding technique, even whereas contemplating all choices to elevate funds by way of varied modes.
“It (the fund raising) might happen during the next few weeks or months. We have to see how and when it will be deployed, while working on alternative fuels such as EVs, hydrogen ICE, fuel cell EVs, LNG or CNG,” he stated.
Asserting that e-LCVs had been being produced at Hosur and e-buses at Ennore, he stated e-LCVs can be rolled out submit Diwali, adopted by e1 buses (for European and West Asia markets) and low-floor buses.
Asked concerning the slight decline in export volumes, Mr. Mahadevan stated that Sri Lanka and Bangladesh markets had some challenges. They had been possible to open up quickly leading to some progress for the corporate in the course of the later a part of this yr.
On the African market, he stated it was a used-vehicle market and so they had been making an attempt to convert it right into a new-vehicle market.
“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,” stated MD & CEO Shenu Agarwal.
