CHENNAI: Chennai-based commercial vehicle maker Ashok Leyland posted a net profit of Rs 199 crore for the quarter ending September 2022 (FY23), recovering from the loss of Rs 83 crore in the corresponding period last quarter.
The revenue for the quarter stood at Rs 8,266 crore, an increase of 84% compared to Rs 4,458 crore in Q2 FY22. The company reported an EBITDA (earning before interest, taxes, depreciation and amortisation) of Rs 537 crore against Rs 135 crore in Q2FY22.
Domestic sales of medium and heavy commercial vehicles (M&HCV) grew by 113% (YoY). Domestic light commercial vehicle (LCV) volumes for Q2 stood at 17,040 units, 28% (YoY) increase in growth. Ashok Leyland’s Export volumes (MHCV & LCV) for Q2 increased by 2227 units, an increase of 25%.
“We are confident that with the new launches and expansion of the network, we will sustain the market share gains achieved in the last four quarters,” said Dheeraj Hinduja, Executive Chairman of Ashok Leyland told press persons. The company has achieved a market share of 32% in Q2.
Crisil expects the commercial vehicle demand to grow at robust 10% to 12% (CAGR) for five years, he said. In the LCV segment, both dost and bada dost are gaining inroads and growing strong, the volumes are limited by the availability of semiconductors, he added.