The logo of Ashok Leyland Ltd. File
| Photo Credit: M SUBHASH
Ashok Leyland Ltd reported standalone fourth quarter net profit grew 20% to ₹900 crore from ₹751 crore in the year ago period.
Revenue from operations of the company during the quarter ended March 31, declined 3% to ₹11,266.69 crore from ₹11,625.67 crore in the same period last year.
For FY24 the company’s net profit surged 90% to ₹2,618 crore from ₹1,380 crore in the previous year. Revenue from operations grew 6% Year on Year to ₹38,367 crore for the full year. The company said the results were backed by an all-round performance with contributions from all business verticals.
In the M&HCV Bus segment, it said it emerged as market leader with a market share gain of 5.8% points. Overall CV volumes at 194,553 units were very close to the previous high of 197,366.
LCV volumes in the 2-3.5T category were maintained despite the industry witnessing a reduction in volumes.
Export volumes for the year grew 5% despite challenging conditions in target markets. The Power Solutions and Defence Businesses also posted “impressive growth,” the company said. Dheeraj Hinduja, Chairman, Ashok Leyland Ltd. in a statement said, “We continue to be optimistic about our industry prospects in the short to medium terms backed by anticipated robust growth in the Indian economy.”
“We are confident that we will continue to maintain sustainable and profitable growth year after year through our unwavering pursuit on delivering differentiated products and providing best-in-class customer satisfaction,” he added.
Meanwhile the company on Friday announced the appointment of K.M. Balaji as Chief Financial Officer. Gopal Mahadevan, currently CFO and Whole Time Director, will continue to be associated with Ashok Leyland as Director – Strategic Finance and M&A. Mr. Balaji, currently Deputy CFO, will take over the new role effective from 1 June 2024. In his new role, Mr Mahadevan will focus on the growth agenda of Ashok Leyland’s subsidiary companies as well as M&A strategies.