Commercial vehicles maker Ashok Leyland on May 23 reported nearly 17 percent drop in standalone net profit at rs 751 crore for the quarter ended March 31, 2023. The automaker had reported a profit of Rs 901 crore in the year-ago period.
Total revenue from operations increased nearly 33 percent YoY to Rs 11,626 crore as against Rs 8,744 crore in the same quarter last fiscal. Revenue for full year was at Rs 36,144 crore, up from Rs 21,688 crore in Q4FY22.
Further, Ashok Leyland's Q4 EBITDA or earnings before interest, taxes, depreciation, and amortization increased to 11 percent from 8.9 percent last year.Operating margins expanded 209 basis points on-year to 10.97 percent.
Ashok Leyland said that despite geopolitical headwinds, on a full year basis our export volumes are at 11,289 numbers. which was higher than last year (11,014 numbers) by 2 percent.
The board has recommended a dividend payout of Rs 2.60 a share for the year ended March. The dividend, if approved at the forthcoming annual general meeting (AGM), will be paid on or before August 19, the Hinduja Group company said.
“The CV industry is buoyant due to favourable macroeconomic factors and a healthy demand from the end-user industries. This trend is expected to continue alongside growth in core sectors such as construction & mining, agriculture, increased capital outlay for infrastructure projects and pent-up replacement demand,” said Dheeraj Hinduja, Executive Chairman, Ashok Leyland.
While the company will continue to pursue better realisations even as it expands market share, the focus will remain on bringing deeper efficiency and cost improvement, said MD & CEO Shenu Agarwal.
Meanwhile, shares of the company ended 0.65% lower at Rs 152.20 apiece on BSE amid a volatile market today.
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