 "Ashok Leyland Q1FY24 results: Net profit jumps 747%, revenue up 13%")
The net profit of Ashok Leyland for the first quarter of the current financial year (Q1YFY24) saw a jump of 747 per cent to Rs 576.42 crore, compared to Rs 66.05 crore for the corresponding quarter of the previous year, the company said in a BSE filing.
The revenue from operations for Q1FY24 came in at Rs 8,189.29 crore, compared to Rs 7,222.65 crore year-on-year (YoY). This is an increase of 13.3 per cent.
The company's operational performance improved as earnings before interest tax, depreciation and amortisation (Ebitda) jumped to Rs 820.8 crore in Q1FY24, as compared to Rs 320.2 crore in the corresponding period of the previous year.
The Ebitda margin in Q1FY24 expanded by 560 basis points to 10 per cent from 4.4 per cent YoY.
Dheeraj Hinduja, executive chairman, Ashok Leyland, said, "We are concurrently intensifying our efforts in international expansion. Through our Electric Vehicle subsidiary, Switch Mobility, we are actively moving towards net zero carbon mobility. The EV market is growing gradually, and we are geared to participating in this growth with a clear road map."
Shenu Agarwal, managing director and chief executive officer, Ashok Leyland, said, "With 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."
In the same period, Ashok Leyland's domestic medium and heavy commercial vehicles (MHCV) volume grew by 7 per cent and market share grew from 30 per cent to 31.2 per cent. The MHCV truck market share was at 31.7 per cent for Q1FY24 as against 31.1 per cent in the same period last year.