Commercial vehicle maker Ashok Leyland Ltd’s standalone net loss for the second quarter ended September narrowed to ₹83 crore from ₹147 crore a year ago.
Revenue from operations increased by 57% to ₹4,426 crore, while the cost of materials increased by over ₹1,100 crore to ₹3,093 crore. Total expenses rose 52% to ₹4,595 crore, the company said in a regulatory filing.
“The industry has seen signs of volume recovery in Q2 FY22 as compared to the same period last year, and we remain confident and optimistic about the future. The economy is showing signs of a return to growth… all will continue to build competitive products and organizational capabilities for future growth,” said Vipin Sondhi, MD & CEO.
CFO Gopal Mahadevan said, “This quarter, we earned Rs 1,063 crore in cash due to better working capital, and we will continue to focus on increasing operational efficiency.”
The company said the management is closely monitoring the global semiconductor supply situation and commodity prices.
The company also said that Shome Ashok Hinduja has been appointed to the board.
In a separate filing, ALL said it is shifting the electric vehicles (EV) business to Switch Mobility Automotive Limited, India, through a slump sale, for a consideration of ₹240 crore, with effect from October 1. The company is shifting its eMaaS (E-Mobility As A Service) business to Om Global Mobility Pvt. Ltd., India, (Om India), for ₹65 cr.