Commercial Vehicles company Ashok Leyland announced Q1FY24 results: Net Profits for Q1FY24 stood at Rs 576 crore as against Rs 68 crore in Q1FY23. Revenue for Q1FY24 stood at Rs 8,189 crore as against Rs 7,223 crore in Q1FY23. In Q1FY24 Ashok Leyland's domestic MHCV volume grew by 7% and market share grew from 30.0% to 31.2%. The MHCV truck market share was at 31.7% for Q1FY24 as against 31.1% in Q1FY23. The Company's domestic LCV volume in Q1FY24 was 14821 units, 3% higher than Q1FY23 (14384 units). EBITDA shot up to 10.0% for Q1FY24 (Rs 821 crore) as against 4.4% (Rs 320 crore) in Q1FY23. Net Debt to Equity stood at 0.2 times at the end of Q1FY24. Tax expense for Q1FY24 was lower as it considers a one-time deferred tax credit of Rs 172 crore on account of the expected transition to a lower tax regime in the following financial year. Dheeraj Hinduja, Executive Chairman, Ashok Ley/and, said "With the industry maintaining the growth in Q1FY24, we have been able to post excellent results with focused market performance while reining in costs. We are pleased that we have continued to grow our market share in Q1. 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, MD & CEO, Ashok Leyland, added, "With the 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. This is important for us as we focus on improving our resilience and investing in technologies of the future." Result PDF