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The company said profit decline was mainly due to one-time tax implication of an exceptional item.
Revenue from operations increased 5% YoY to Rs 8,599 crore in the reporting period, compared with Rs 8,189 crore in the corresponding period of last year.
EBITDA for the quarter rose 11% YoY to Rs 911 crore in the April-June 2024 period as against Rs 821 crore in the first quarter of previous year.
The company said it continued to see strong demand in all its business units. While Ashok Leyland achieved its highest-ever-first-quarter CV volumes, the power solutions, aftermarket, defence business, and international operations also contributed strongly to the top line. “The efforts on product and network expansion helped the uptick in revenue and market share,” the company said in a filing.The company’s domestic MHCV volume grew by 8% YoY and market share was at 30.7%. The bus market share was significantly up at 33.3%. The companyβs domestic LCV volume in the first quarter was 15345 units, 4% higher than the previous year quarter. Meanwhile, export volumes in the same period were at 2,324 units, up 5% YoY.
“Ashok Leylandβs Q1 performance has beaten all expectations, we have been able to post excellent results with focused market
performance while reining in costs,” said Dheeraj Hinduja, Chairman of Ashok Leyland.
Through its electric vehicle subsidiary, Switch Mobility, the company said it is geared to participate in the growing EV market with a clear road map.
The launch of IeV3 this month, the second e-LCV launch by Switch, is expected to further strengthen our position in this market.
“While we continue to expand our market penetration on the back of efficient products and network expansion, we shall remain acutely focused on achieving midteen EBITDA in the medium term. This is important for us as we continue to focus on investing in technologies of the future,” said Shenu Agarwal, MD and CEO, Ashok Leyland.
On Thursday, Ashok Leyland shares were trading 0.43% lower at Rs 231.5 on NSE.
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