CHENNAI: Buoyed by its quarterly performace for the period ending June 30, 2018, heavy commercial vehicle maker Ashok Leyland is aiming to match the industry's growth during the current fiscal.
The city-based Hinduja Group flagship company has recorded a profit after tax for the quarter ending June 30, 2018 at Rs 370.10 crore compared to Rs 111.23 crore registered in the year ago period.
The total income for the April-June 30, 2018 quarter grew to Rs 6,300.11 crore from Rs 4,572.87 crore.
Ashok Leyland Chief Financial Officer Gopal Mahadevan said the company's overall volume grew by 60 per cent for the quarter to 26,846 lakh units from 16,817 units.
"Our revenues have grown to Rs 6,250 crore by 47 per cent from same period of last year. Our Profit After Tax has grown by 233 per cent to Rs 370 crore and EBITDA is 10.4 per cent," he said.
On the company's outloook for the financial year, he said, "we believe that for a full year, 8-10 per cent growth is possible for the total industry volume, provided the government continues with its infrastructure spend".
"For Ashok Leyland, I would also say that we would want to match the industry growth. We would continue to grow at the rate of industry," he said.
He said the company's investment plan of Rs 1,000 crore was "on track" for the financial year. On debt-equity ratio, he said, "We have net positive cash of Rs 1,165 crore."
The company's Intermediate Commercial Vehicles and light commercial vehicle also posted growth for the quarter.
The sales of medium and heavy commercial vehicle volumes, including exports for the period, increased by 54 per cent to 30,647 units (19,880 units) and Light commercial vehicles increased by 33 per cent to 11,481 units (8,618 units).