Ashok Leyland Q4 Result 2024: Net Profit Rises 20% to ₹900 crore

Synopsis

Ashok Leyland experienced a robust 20% surge in net profit during the fourth quarter of FY2023-24, reaching ₹900 crore. However, revenue for the same period declined by over 3% to ₹11,266.7 crore compared to ₹11,625 crore in the corresponding quarter of the previous fiscal year.

Result Performance

Ashok Leyland, the commercial vehicle manufacturer, announced a 16.73% increase in its consolidated net profit for the fourth quarter of the fiscal year 2023-24, reaching ₹933.69 crore. This compares to ₹799.87 crore earned during the same period in the previous fiscal year.

The company's consolidated revenue from operations also climbed to ₹13,577.58 crore in the quarter ending March 31, 2024, from ₹13,202.55 crore in the corresponding period of the previous year. Notably, Ashok Leyland's Profit After Tax (PAT) for the fourth quarter of fiscal year 2022-23 stood at ₹751 crore.

The Hinduja Group's flagship company experienced a 3% decline in revenue from operations during the fourth quarter, reaching ₹11,267 crore compared to ₹11,626 crore in the same period last year. Despite a slight decrease in revenue, the company's total expenses in the fourth quarter were also marginally lower, coming in at ₹12,037.16 crore versus ₹12,085.5 crore in the previous year's corresponding period.

The company reported a net profit of ₹2,696.34 crore for the fiscal year ended March 31, 2024, marking a significant increase from ₹1,358.82 crore in the previous year. Consolidated revenue from operations also grew to ₹45,790.64 crore in FY24, compared to ₹41,672.6 crore in FY23.

Management Commentary

"The results were backed by an all-round performance with contributions from all business verticals," Ashok Leyland said, adding the overall CV volumes at 1,94,553 units in FY24 were very close to the previous high of 1,97,366 units. Ashok Leyland Managing Director & CEO, Shenu Agarwal said, "FY24 has been a strong year for us. Whether it is revenues, EBITDA margins or profits, we have achieved all-time high numbers"

On the outlook, Ashok Leyland Chairman Dheeraj Hinduja 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." He further said the company was confident that it would continue to maintain sustainable and profitable growth.

About Ashok Leyland Limited

Ashok Leyland Ltd. is presently engaged in manufacture and sale of commercial vehicles. The Company manufacture engines for industrial and marine applications, forgings and casting. Its products include buses, trucks, engines, defense and special vehicles. The company is the flagship of the Hinduja Group. Headquartered in Chennai, India, Ashok Leylands manufacturing footprint spreads across the globe with 9 plants; including one each at Great Britain and Ras Al Khaimah (UAE).