The commercial vehicle maker Ashok Leyland, on 9 November, announced its earnings for the July-September quarter. 

The company reported a significant jump of 181% year-on-year in its consolidated net profit to Rs 561 crore for the quarter from Rs 199 crore reported in the same quarter last year. However, against the previous quarter of the same fiscal year, the net profit dipped by 3% from Rs 576 crore. 

The company’s revenue from operations stood at Rs 9,638 crore in the quarter, which is a 16.6% YoY increase from Rs 8,266 crore in the same quarter last fiscal.

The company’s EBITDA (earnings before interest, taxes, depreciation and amortisation) for the quarter stood at Rs 1,080 crore for the quarter. The company’s net debt as of 30 September stood at Rs Rs 1,139 crore, with debt equity at 0.1 times.

Dheeraj Hinduja, Executive Chairman, Ashok Leyland, said, “We continue to see strong demand in all segments of trucks and passenger vehicles. The industry continues to post strong growth, on the back of strong macroeconomic factors and we are confident that FY’ 24 will see further growth in the second half as well.”

He added, “While international business globally is challenged owing to the conflicts across the globe, we are intensifying our expansion strategy in our focus markets of Middle East, Africa and Asia. The company continues to build its capabilities in alternative energy and shall be soon coming up with some exciting products and solutions.”

The Medium and Heavy Commercial Vehicles volumes stood at 29,947 units, marking an increase of 18% from Q2 FY23. However, the Light Commercial Vehicle segment saw a minute dip to 16,998 units from 17,040 units in the same quarter of the previous fiscal year.

In its regulatory filing, the company said that all other businesses posted “good growth” during the quarter.