Ashok Leyland released its financial results for the second quarter of the financial year. The commercial vehicle manufacturer reported a net profit of Rs. 199 crore in Q2, up from a loss of Rs. 83 crore in the same period in Q2 FY2022. Revenue in the quarter meanwhile grew by 85 per cent to Rs. 8,266 crore as against Rs. 4,458 crore in FY2022.
Earnings before interest, tax and depreciation stood at Rs 537 crore, as against Rs 135 crore in Q2 FY2022.
Dheeraj Hinduja, Executive Chairman, Ashok Leyland, said “Despite global recessionary trends, the Indian commercial vehicle market continues to grow well, the industry has seen strong volumes in Q2 FY’23 over the same period last year. We see the demand continuing in all segments of trucks and passenger vehicles and we remain confident and optimistic about the future. Our robust market share growth exemplifies the technological leadership of Ashok Leyland. We continue to build competitive products and organisational capabilities for future products using alternate fuels.”
Ashok Leyland reported sales of 25,475 units in the M&HCV segment in Q2 while LCV sales stood at 17,040 units.
The company said that it had gained a 9.6 per cent market share in the second quarter on the back of strong growth in sales of its medium and heavy commercial vehicles. The company said it had sold 25,475 units in the segment in Q2 FY2023 as against 11,988 units in FY2022 – a growth of 113 per cent.
Light commercial vehicles sales meanwhile were also up by 28 per cent at 17,040 units in Q2 as against 13,328 units last year. Exports stood at 2,780 units in the quarter – up 25 per cent over Q2 FY2022.
Ashok Leyland said that it was seeing good demand for its AVTR modular truck range and the Bada Dost. The company said that it expected the demand from e-commerce platforms to continue to support its light and intermediate commercial vehicle sales while increasing economic activity could see demand for the AVTR range also rise.
