Commercial Vehicles company Ashok Leyland Announced Q1FY23 Result :
- Ashok Leyland's Net increases 124% in Q1.
- Revenue up nearly 2.5 times
- Truck Market Share up @ 31.1%
- Ashok Leyland, the Indian flagship of the Hinduja Group, reported a 145% increase in YoY quarter revenues in Q1 FY'23. Revenues for the quarter stood at Rs. 7223 crores as against Rs. 2951 Cr. in Q1 FY'22. In the same period Ashok Leyland's domestic MHCV volume grew at 189% and market share grew from 27.0% to 30.0%. Truck market share was at 31.1% for Q1FY23 as against 26.2% last year.
- The Company's domestic LCV volume in Q1 FY'23 was 14384 nos which is 66% higher than Q1 of last year (8,690 nos.) Export volume (MHCV & LCV) for Q1 FY'23 at 2527 nos. is higher than same period last year by 76% (1437 nos.)
- EBITDA for Q1 FY23 was at Rs. 320 Cr as against a loss of Rs. 140 Cr in the previous year. The company reported a net profit of Rs. 68 Cr. for Q1 FY'23, vis-a-vis a Net Loss of Rs.282 Cr in Q1 FY'22. Net Debt to Equity was at 0.3 times compared to 0.6 times in Q1 last year.
Mr. Dheeraj Hinduja, Executive Chairman, Ashok Leylond, said "The industry has seen strong volume growth in Q1 FY'23, and we expect this trend to continue going forward. The team is focused on market performance while reining in costs this quarter. Our digital-first approach is helping Ashok Leyland customers increase their business efficiency and we are continuing to expand our offerings. We are pleased that we have continued to grow our marketshare. With our robust LHD portfolio we are intensifying our International expansion strategy.
Through our Electric Vehicle subsidiary, Switch Mobility, we are taking strategic steps to move towards net zero carbon mobility. The EV market is expanding fast and we are ready for participating in this growth. We are committed to achieve our sustainability agenda with a clear road map."
Mr. Gopol Mohodevan, Director & CFO, Ashok Leyland, added, "With expansion in revenues and efficient cost management we have seen our bottom line improving. The softening of commodity prices, in particular for steel, should impact our margins positively. The focus is on Customer, Cost and Cash."