Hinduja Group flagship company Ashok Leyland has posted a four-fold jump in net profit during the fourth quarter of FY23 to Rs 803 crore, from Rs 158 crore during the Jan-March quarter of FY22.
During the period under review, the company’s revenue from operations rose by 33 per cent from Rs 9,927 crore last year to Rs 13,203 crore in Q4 of FY23. The company said on Tuesday that it is planning to invest Rs 600-700 crore during the current financial year. During the quarter under review, its total expenses was seen up by 28 per cent to Rs 12,085 crore as against Rs 9,430 crore last year. Cash generated during the quarter was Rs 2,287 crore and net cash surplus was Rs 243 crore as against a net debt of Rs 720 crore for the same period last year.
For entire fiscal year 2022-23, the company’s consolidated net profit was at Rs 1,362 crore, compared to a net loss of Rs 285 crore in FY22. During the year under review, its revenue from operations also stood at Rs 41,673 crore as compared to Rs 26,237 crore in FY22. The company also said that it is looking for investments in the electric vehicle arm Switch Mobility and the company is waiting for the right partner. The company is planning to roll-out its battery-operated Dost and Bada Dost light commercial vehicles (LCV) during this financial year.
Ashok Leyland’s truck market share for Q4FY23 has improved to 32.7 per cent against 30.6 per cent in Q4FY22. Bus market share also improved to 27.1 per cent as against 26.4 per cent for the same period last year. Ashok Leyland’s domestic LCV volumes grew by 18 per cent in Q4FY23 to 18,840 units, up from 15,971 units last year. Despite geopolitical headwinds, on a full year basis the company’s export volumes were at 11,289 units, higher than last year’s 11,014 units, up by 2 per cent.
This performance was backed by the successful AVTR range and the launch of the CNG range in ICVs. The AVTR platform has been delivering best-in-class total cost of ownership across segments. In the LCV segment, both Dost and Bada Dost continue to perform very well, the company said. The company has also extended its widespread network by opening 152 new outlets across the country.
“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 and mining, agriculture, increased capital outlay for infrastructure projects and pent-up replacement demand,” said Dheeraj Hinduja, Executive Chairman, Ashok Leyland Limited said. The Directors have recommended a dividend of Rs 2.60 per equity share of Re 1 each for the financial year ended March 2023.
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