Commercial vehicle maker Ashok Leyland on July 29 reported a standalone profit of Rs 68 crore for the quarter ended June 2022, against a loss of Rs 282.3 crore in the corresponding period of the last fiscal when the second Covid wave weighed on earnings. The fall in commodity prices, especially metals, also supported earnings in Q1FY23.
Revenue from operations for the June FY23 quarter increased sharply to Rs 7,223 crore, registering a 145 percent growth compared to Rs 2,951 crore in the same period last year.
"With the 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," Gopal Mahadevan, Director & CFO, said.
In the same period, the domestic MHCV (medium and heavy commercial vehicle) volume grew at 189 percent and market share grew from 27 percent to 30 percent. Truck market share was at 31.1 percent for QlFY23 as against 26.2 percent last year," the Hinduja Group flagship company said in its BSE filing.
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The company's domestic LCV (light commercial vehicle) volume in Q1FY23 was 14,384 units, a 66 percent growth over a year-ago period, while export volumes (MHCV & LCV) grew by 76 percent YoY to 2,527 vehicles in the quarter ended June 2022.
On the operating front, EBITDA came in at Rs 320 crore for the June FY23 quarter against a loss of Rs 140 crore in the corresponding period last fiscal.
Executive Chairman, Dheeraj Hinduja said the industry saw strong volume growth in Q1FY23 and "we expect this trend to continue going forward. The team is focused on market performance while reining in costs this quarter".
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