Ashok Leyland nets ₹96 cr profit in Q1

PTI | | Updated on: Jul 29, 2022

Ashok Leyland focuses on market performance while reining in costs this quarter

Commercial vehicles maker Ashok Leyland on Friday reported a consolidated net profit of ₹96 crore for Q1FY23 riding on higher sales.

The company had incurred a net loss of ₹324 crore in Q1FY22, Ashok Leyland said in a regulatory filing.

Revenue from operations more than doubled to ₹8,470 crore from ₹4,088 crore in April-June period a year ago, it added.

The company said its domestic light commercial vehicle (LCV) volumes stood at 14,384 units, up 66 per cent from the same period a year ago.

Export volume of both medium and heavy commercial vehicles (MHCV) and LCV in Q1 stood at 2,527 units, 76 per cent higher from Q1FY22.

"The industry has seen strong volume growth in Q1 FY23, and we expect this trend to continue going forward," Ashok Leyland Executive Chairman, Dheeraj Hinduja noted.

The team is focused on market performance while reining in costs this quarter, he added.

"Through our electric vehicle subsidiary, Switch Mobility, we are taking strategic steps to move towards net-zero carbon mobility. The EV market is expanding fast, and we are ready for participating in this growth," Hinduja said.

Shares of the company were trading 0.41 per cent up at ₹146.10 apiece on the BSE.

Published on July 29, 2022
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