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Ashok Leyland registers record Q4 & full year revenue

Double digit EBITDA at 11% in Q4; Q4 revenues at Rs. 11626 Cr, up 33% FY’23 revenues at Rs. 36,144 Cr, up 67 %; EBITDA at 8.1 %; Becomes cash surplus

Ashok Leyland Limited, Indian flagship of the Hinduja Group, reported a revenue of Rs. 11626 Cr in Q4 FY ’23 compared to Rs. 8,744 Cr for the same period last year; Revenue grew by 33% year on year. Operating PBT for the quarter was at Rs. 1068 Cr vis-a-vis Rs. 528 Cr for the same period last year. PAT was at Rs.751 Cr as against a Rs. 901 Cr in Q4 last year. Q4 EBITDA was at 11.0 % as against 8.9% last year.

Ashok Leyland’s truck market share for Q4 FY ’23 has improved to 32.7 % vis-a-vis 30.6 % in Q4 FY ’22. Bus market share for Q4 FY23 has improved to 27.1 % as against 26.4 % for the same period last year.

Ashok Leyland’s domestic LCV volumes grew by 18% in Q4 FY ’23 to 18840 no’s (15971 nos).

Revenue for full year was at Rs. 36,144 Cr [Rs. 21688 Cr last year]. Operating PBT was Rs. 2026 Cr as against Rs. 17 Cr last year. PAT was at Rs. 1380 Cr as against a profit of Rs. 542 Cr last year. Full year EBITDA was at 8.1% as against 4.6 % last year. Cash generated during the quarter was Rs. 2287 Cr and net cash surplus was 243 Cr as against a net debt of Rs. 720 Cr for the same period last year.

Despite geopolitical headwinds, on a full year basis our export volumes are at 11289 nos. which was higher than last year (11,014 nos.) by 2 %.

This performance was backed by the successful AVTR range and the launch of the CNG range in ICVs. The AVTR platform has been delivering best-in-class total cost of ownership across segments. In the LCV segment, both Dost and Bada Dost continues to perform very well. Going forward, last-mile connectivity demand propelled by e-commerce is likely to support LCV truck volumes. The company has also extended its widespread network by opening 152 new outlets across the country.

Mr. Dheeraj Hinduja, Executive Chairman, Ashok Leyland Limited said, “The CV industry is buoyant due to favourable macroeconomic factors and a healthy demand from the end-user industries. This trend is expected to continue alongside growth in core sectors such as construction & mining, agriculture, increased capital outlay for infrastructure projects and pent-up replacement demand.

The focus on International Operations, Defence, Power Solutions and Parts businesses will continue to balance the volatility of our core business.

With momentum gradually picking up in electric vehicles, Switch Mobility is well poised to complement the developments at Ashok Leyland across a spectrum of alternate propulsion systems.

At Ashok Leyland we are driven by our brand philosophy of “Koi Manzil Door Nahin” and we remain confident as ever that we will deliver sustainable and profitable growth going forward with our Newgen products and strong customer focus”

Mr. Shenu Agarwal, Managing Director & CEO, Ashok Leyland Limited said “It has been a truly wholesome performance. We have been able to achieve growth in market share, across geographies and across product segments, along with significant improvement in our profitability. All this demonstrates our strong fundamentals – competitive and wide product portfolio, strong and widespread network and a talented and passionate team.

While we shall continue to pursue better realisations even as we expand market share, our resolute focus shall remain on bringing deeper efficiency and cost improvement. We have generated close to INR 2287 Cr of cash this quarter owing to better profits and focused management of working capital, which gives us ability to further accelerate our investment in future products and technologies.”

The Directors have recommended a dividend of Rs. 2.60 per equity share of Re. 1 each for the financial year ended 31st March 2023.

SOURCE: Ashok Leyland

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