Profit before tax soared 177.61% to Rs 865.37 crore in Q2 FY24 as compared with Rs 311.72 crore in Q2 FY23.

During the quarter, the company reported EBITDA of Rs 1,080 crore, registering a growth of 101% YoY. EBITDA margin was 11.2% in Q2 FY24 as against 6.5% in Q2 FY23.

The company’s domestic Medium & Heavy Commercial Vehicles (MHCV) volume stood at 29,947 in Q2 FY24, grew 18% over Q2 last year in line with Industry growth. Light Commercial Vehicle (LCV) volumes for Q2 FY24 was at 16,998, almost same as Q2 FY23 (17,040).

During the quarter, export volumes (MHCV & LCV) stood at 2,901 was higher by 4% despite multiple sociopolitical challenges across the globe.

The company said that all other businesses posted good growth in the current quarter. It expanded MHCV range by launching new products in Tipper, Tractor and MAV categories. The focus on expansion of distribution network continued with further addition of 47 touch points in the quarter - especially in the Northern and Eastern parts of the country.

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 FY24 will see further growth in the second half as well. Our robust all-round performance exemplifies technological and cost leadership of Ashok Leyland. 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.”

Shenu Agarwal, MD & CEO, Ashok Leyland, added, “There is tremendous focus on margin enhancement, network expansion, operational efficiency, cost optimization and deployment of Digital as an enabler for growth and productivity. There is enhanced thrust to grow all non-MHCV businesses as well and we expect to see the benefits of all of this in the coming quarters.”

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.

The scrip declined 1.79% to Rs 170.45 on the BSE.