Chennai , India :
Ashok Leyland, the Indian flagship of the Hinduja Group, achieved a record-breaking performance in Q3, aligning with its emphasis on sustainable growth. Here are some of the notable highlights:
• Recorded EBITDA of Rs. 1114 Cr (12.0%) in Q3 FY24 compared to Rs. 797 Cr (8.8%) in Q3 FY23, marking consistent double-digit percentage EBITDA across all quarters of the fiscal year.
• Achieved a net profit of Rs. 580 crores, marking a significant 60% increase over Q3 FY23.
• Generated revenues of Rs. 9273 crores, a growth of 2.7% compared to Rs. 9030 crores in Q3 FY23.
• Achieved a historic high commercial vehicle (CV) volume of 1,38,416 units in the first nine months of the fiscal year.
• Despite global challenges, achieved export volume of 3128 units in Q3 FY24, up 6.5% from 2936 units in the same period last year.
• Reduced debt to Rs. 1747 Cr at the end of Q3 FY24, with debt-equity ratio improving to 0.2 times from 0.3 times in the previous quarter.
• Invested Rs. 662 Cr in the current quarter in Optare PLC / Switch, reflecting the strengthening prospects of electric light commercial vehicles (eLCVs) and electric buses (eBuses).
The company maintained robust demand for its products across both the Medium and Heavy Commercial Vehicle (MHCV) and Light Commercial Vehicle (LCV) segments, solidifying its position as the foremost bus manufacturer in the country. Throughout the quarter, the company secured orders for over 3800 buses from State Transport Undertakings. The bus market shows continued substantial growth and is anticipated to further enhance overall industry volumes.
During the recently concluded Bharat Mobility Global Expo in New Delhi, the company initiated the delivery of its inaugural Electric 55T Tractor-Trailer, along with its first 14T Boss Electric Truck.