Revenue for the quarter stood at Rs 8,189 crore as against Rs 7,223 crore in Q1 FY23, up 13.4% YoY.

In the same period Ashok Leyland's domestic MHCV volume grew by 7% and market share grew from 30.0% to 31.2%. The MHCV truck market share was at 31.7% for Q1 FY24 as against 31.1% in the same period last year.

The company's domestic LCV volume in Q1 FY24 was 14,821 units, up by 3% from 14,384 units in Q1 of last year.

EBITDA increased by 157% to Rs 821 crore in Q1 FY24 from Rs 320 crore in Q1 FY23. EBITDA margin was 10% in Q1 FY24 as against 4.4% in Q1 FY23.

Ashok Leyland said that it continued to witness strong demand for the modular AVTR range of trucks. The efforts on network expansion also helped the uptick in revenue and market share. In the LCV segment as well, the volumes grew on the back of good market acceptance of the company's Bada Dost range. The Power Solutions and Aftermarket businesses continued to contribute strongly to the top line of the company.

Tax expense for the quarter was lower as it considers a one time deferred tax credit of Rs 172 crore on account of expected transition to lower tax regime in the following financial year.

Dheeraj Hinduja, executive chairman, Ashok Leyland, said: "With the industry maintaining the growth in Q1 FY24, we have been able to post excellent results with focused market performance while reining in costs.

We are pleased that we have continued to grow our market share in Q1. We are concurrently intensifying our efforts in international expansion. Through our Electric Vehicle subsidiary, Switch Mobility, we are actively moving towards net zero carbon mobility.”

Ashok Leyland is engaged in manufacture and sale of a wide range of commercial vehicles. The company also manufactures engines for industrial and marine applications, forgings and castings.