Ashok Leyland Q3 profit jumps 60% YoY to Rs 580 crore, revenue up 2.7%

Ashok-Leyland bus segment also sees sustained momentum from replacements and growing public transport demand.

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Ashok Leyland has clocked a standalone net profit of Rs 580 crore in the quarter ended December 2023, which is 60 percent higher as compared to the year-ago period, as per the financial results declared by the Chennai-based automotive manufacturer on February 5.

In the same quarter in FY23, the Hinduja group firm had reported a net profit of Rs 361 crore.

The company's standalone revenue during the quarter came in at Rs 9,273 crore, higher by 2.7 percent as against Rs 9,030 crore in the third quarter of the preceding fiscal.

The earnings before interest taxes, depreciation and amortisation (EBITDA) came in at Rs 1,114 crore (12 percent) in Q3 FY24, as compared to Rs 797 crore (8.8 percent) in Q3 FY23, Ashok Leyland said in a media release. This marks a double-digit percentage EBITDA in all three quarters of the fiscal year, it added.

"Despite global headwinds, an export volume of 3,128 units was achieved in Q3 FY24, as against 2,936 units in the same period last year, registering a growth of 6.5 percent," the release further noted.

Ashok Leyland's debt at the end of the December quarter stood at Rs 1,747 crore, with debt-equity at 0.2 times as compared to 0.3 times at end of the previous quarter.

“We have been able to achieve significant improvement in our net profit. The current quarter saw the confluence of good volumes, better price realisation, and higher cost savings, thus helping us achieve better profitability. Other businesses such as after-market, power solutions and defence also continue to strongly contribute to our top line and margins," Ashok Leyland's managing director and chief executive officer Shenu Agarwal said.

"We remain confident and optimistic about the growth of the CV (commercial vehicles) industry in the medium and long term as macroeconomic factors continue to be favorable," he added.

In the trading session on February 5, Ashok Leyland's scrip settled at Rs 179.25 apiece on the BSE, up 2.96 percent as against the previous day's close.