Ashok Leyland Ltd reported a robust standalone net profit growth of 20% in the fourth quarter, reaching ₹900 crore compared to ₹751 crore in the same period last year. However, revenue from operations for the quarter ended March 31 saw a slight decline of 3% to ₹11,266.69 crore from ₹11,625.67 crore year-on-year.
For the full fiscal year 2024, the company’s net profit surged impressively by 90% to ₹2,618 crore from ₹1,380 crore in the previous year. Revenue from operations also showed a healthy growth of 6% year-on-year, amounting to ₹38,367 crore. Ashok Leyland attributed these results to a strong all-round performance across its various business verticals.
In the M&HCV Bus segment, the company achieved market leadership with a notable market share gain of 5.8%. Despite industry challenges, the overall CV volumes remained strong at 194,553 units, close to the previous high of 197,366. The LCV volumes in the 2-3.5T category were maintained, showcasing resilience in a challenging market environment.
Export volumes for the year grew by 5%, demonstrating the company’s ability to navigate difficult market conditions in target markets. The Power Solutions and Defence Businesses also reported significant growth, contributing to the overall positive performance.
Dheeraj Hinduja, Chairman of Ashok Leyland Ltd, expressed optimism about the industry’s prospects in the short to medium term, driven by anticipated robust growth in the Indian economy. He emphasized the company’s commitment to sustainable and profitable growth through delivering innovative products and ensuring top-notch customer satisfaction.
Furthermore, the company announced the appointment of K.M. Balaji as the new Chief Financial Officer, effective from June 1, 2024. Gopal Mahadevan, the current CFO and Whole Time Director, will transition to the role of Director – Strategic Finance and M&A, focusing on the growth strategies of Ashok Leyland’s subsidiary companies and M&A initiatives. This strategic move aims to strengthen the financial leadership and drive continued success for Ashok Leyland in the evolving market landscape.
