“Ashok Leyland’s Q1 performance has beaten all expectations, we have been able to post excellent results with focused market performance while reining in costs. Through our Electric Vehicle subsidiary, Switch Mobility, we are geared to participate in the growing EV market with a clear road map. The launch of IeV3 this month, second e-LCV launch by Switch, will further strengthen our position in this market.” Dheeraj Hinduja, Chairman, Ashok Leyland
“While we continue to expand our market penetration on the back of efficient products and network expansion, we shall remain acutely focused on achieving mid-teen EBITDA in the medium term. This is important for us as we continue to focus on investing in technologies of the future.” Shenu Agarwal, Managing Director & CEO, Ashok Leyland
Ashok Leyland, the Indian flagship of the Hinduja Group, reported a record Q1 with highest ever CV volumes of 43893 units (PY 41329 units), which resulted in highest Q1 revenue of ₹ 8599 Cr. (PY 8189 Cr.) The company also reported highest EBITDA and PBT, of ₹ 911 Cr (PY 821 Cr.) & ₹ 701 Cr. (PY 622 Cr.) respectively.
Ashok Leyland’s domestic MHCV volume grew by 8 % and market share was at 30.7 %. The bus market share was significantly up at 33.3%. The Company’s domestic LCV volume in Q1 FY’25 was 15345 units, 4% higher than Q1 of last year (14821 units). The Company’s Export volume in Q1 FY’25 was 2324 units, 5% higher than Q1 of last year (2222 units).
EBITDA is up at 10.6% for Q1 FY25 (Rs. 911 Cr) as against 10.0 % (Rs. 821 Cr) in Q1 of previous year. Net Debt to Equity ratio stood at 0.1 at the end of Q1’FY25.
The Company continued to see strong demand in all its business units. While the Company achieved its highest ever Q1 CV volumes, the Power Solutions, Aftermarket, Defence business and the International Operations also contributed strongly to the top line. The efforts on product and network expansion helped the uptick in revenue and market share.
Dheeraj Hinduja, Chairman, Ashok Leyland, said “I am happy to note that the industry continues to maintain the growth momentum, contrary to the expectations at the start of this year. Q1 Industry volumes were at comparable levels of the previous peak of Q1 FY19. Ashok Leyland’s Q1 performance has beaten all expectations, we have been able to post excellent results with focused market performance while reining in costs. Through our Electric Vehicle subsidiary, Switch Mobility, we are geared to participate in the growing EV market with a clear road map. The launch of IeV3 this month, second e-LCV launch by Switch, will further strengthen our position in this market.”
Shenu Agarwal, Managing Director & CEO, Ashok Leyland, added, “With expansion in revenues and efficient cost management we have seen our bottom line improving substantially. The non-CV businesses also have grown substantially. While we continue to expand our market penetration on the back of efficient products and network expansion, we shall remain acutely focused on achieving mid-teen EBITDA in the medium term. This is important for us as we continue to focus on investing in technologies of the future.”
