Hindustan Times ST (Mumbai) - Live
Ashok Leyland posts Q2 PAT of ₹199 cr as sales improve
NEW DELHI: Hinduja group flagship Ashok Leyland has reported a profit after tax of ₹199 crore for the second quarter ended September 30, aided by robust sales across segments. It had posted a net loss of ₹83 crore in the September 2021 quarter, the commercial vehicle major stated in a late-night regulatory filing on Thursday.
Revenues in the period under review stood at ₹8,266 crore compared to ₹4,458 crore a year ago, it said. Ashok Leyland’s domestic medium and heavy commercial vehicles (MHCV) sales volume rose to 25,475 units in the second quarter against 11,988 units in the yearago period, it said.
It helped the company achieve market share gains of 9.6% in the quarter, Ashok Leyland said.
Similarly, the company stated that its light commercial vehicle sales volume increased by 28% to 17,040 units against 13,328 units in the same period last fiscal. Export volumes (MHCV & LCV) for the September quarter surged 25% to 2,780 units against 2,227 units a year earlier.
“Despite global recessionary trends, the Indian commercial vehicle market continues to grow well, the industry has seen strong volumes in Q2 FY23 over the same period last year,” Ashok Leyland executive chairman Dheeraj Hinduja said.
The company sees the demand continuing in all segments of trucks and passenger vehicles and remains confident and optimistic about the future, he said.
“We continue to build competitive products and organisational capabilities for future products using alternate fuels,” Hinduja said.
Ashok Leyland director and CFO Gopal Mahadevan said that while the company will pursue growth, it wants to do it profitably and sustainably.