For the
quarter ending March 2022, consolidated net sales (including other operating income) of Ashok Leyland has increased 21.92% to Rs 9926.97 crore compared to quarter ended march 2021.
Operating profit margin has declined from 12.45% to 12.03%, leading to 17.84% rise in operating profit to Rs 1,194.11 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 65.78% to 67.62%. Purchase of finished goods cost fell from 3.31% to 2.67%. Employee cost increased from 6.86% to 7.01%. Other expenses fell from 11.89% to 10.44%. Other income fell 10.51% to Rs 30.98 crore. PBIDT rose 16.91% to Rs 1225.09 crore. Provision for interest rose 1.25% to Rs 463.15 crore. Loan funds rose to Rs 24,145.02 crore as of 31 March 2022 from Rs 24,077.17 crore as of 31 March 2021. Inventories rose to Rs 2,540.55 crore as of 31 March 2022 from Rs 2,495.85 crore as of 31 March 2021. Sundry debtors were higher at Rs 3,278.76 crore as of 31 March 2022 compared to Rs 3,020.91 crore as of 31 March 2021. Cash and bank balance rose to Rs 2,099.44 crore as of 31 March 2022 from Rs 1,778.53 crore as of 31 March 2021. Investments rose to Rs 2,652.12 crore as of 31 March 2022 from Rs 1,095.63 crore as of 31 March 2021 . PBDT rose 29.04% to Rs 761.94 crore. Provision for depreciation fell 4.66% to Rs 233.54 crore. Fixed assets declined from Rs 7,578.99 crore as of 31 March 2021 to Rs 7,102.76 crore as of 31 March 2022. Intangible assets declined from Rs 1,240.77 crore to Rs 1,031.83 crore. Profit before tax grew 52.93% to Rs 528.40 crore. Share of profit/loss was 4.86% higher at Rs 2.59 crore. Provision for tax was expense of Rs 106.43 crore, compared to Rs 96.34 crore. Effective tax rate was 40.27% compared to 20.35%. Minority interest decreased 28.33% to Rs 17.61 crore. Net profit attributable to owners of the company decreased 60.22% to Rs 140.24 crore. Equity capital stood at Rs 293.55 crore as of 31 March 2022 to Rs 293.55 crore as of 31 March 2021. Per share face Value remained same at Rs 1.00. Promoters’ stake was 51.12% as of 31 March 2022 ,compared to 51.12% as of 31 March 2021 . Promoters pledged stake was 17.84% as of 31 March 2022 ,compared to 17.62% as of 31 March 2021 .
Full year results analysis.
Net sales (including other operating income) of Ashok Leyland has increased 34.87% to Rs 26237.15 crore. Operating profit margin has declined from 12.66% to 10.54%, leading to 12.30% rise in operating profit to Rs 2,765.24 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 58.89% to 63.46%. Purchase of finished goods cost fell from 4.04% to 3.61%. Employee cost decreased from 10.81% to 9.99%. Other expenses fell from 13.94% to 12.38%. Other income fell 33.81% to Rs 86.81 crore. PBIDT rose 9.96% to Rs 2852.05 crore. Provision for interest fell 1.66% to Rs 1869.05 crore. Loan funds rose to Rs 24,145.02 crore as of 31 March 2022 from Rs 24,077.17 crore as of 31 March 2021. Inventories rose to Rs 2,540.55 crore as of 31 March 2022 from Rs 2,495.85 crore as of 31 March 2021. Sundry debtors were higher at Rs 3,278.76 crore as of 31 March 2022 compared to Rs 3,020.91 crore as of 31 March 2021. Cash and bank balance rose to Rs 2,099.44 crore as of 31 March 2022 from Rs 1,778.53 crore as of 31 March 2021. Investments rose to Rs 2,652.12 crore as of 31 March 2022 from Rs 1,095.63 crore as of 31 March 2021 . PBDT rose 41.86% to Rs 983 crore. Provision for depreciation rose 3.63% to Rs 865.96 crore. Fixed assets declined from Rs 7,578.99 crore as of 31 March 2021 to Rs 7,102.76 crore as of 31 March 2022. Intangible assets declined from Rs 1,240.77 crore to Rs 1,031.83 crore. Profit before tax reported profit of Rs 117.04 crore compared to loss of Rs 142.66 crore. Provision for tax was expense of Rs 85.86 crore, compared to Rs 2.52 crore. Effective tax rate was negative 43.02% compared to negative 3.76%. Minority interest decreased 23.50% to Rs 73.16 crore. Net profit attributable to owners of the company decreased 117.04% to Rs -358.61 crore. Equity capital stood at Rs 293.55 crore as of 31 March 2022 to Rs 293.55 crore as of 31 March 2021. Per share face Value remained same at Rs 1.00. Promoters’ stake was 51.12% as of 31 March 2022 ,compared to 51.12% as of 31 March 2021 . Promoters pledged stake was 17.84% as of 31 March 2022 ,compared to 17.62% as of 31 March 2021 .
Other Highlights
The Board of Directors of
the Company have recommended a final dividend of Re 1.00 per equity share of Re
1.00 for the year ended March 31, 2022. Record date for the purpose is July 15,
2022.
Company’s s truck market
share for Q4 FY22 has improved to 30.6% from 28.9 % in Q4 FY21, this is the
highest market share seen in the last 11 quarters.
In Q4 FY 22, company’s MHCV & LCV exports
stood at 4173 units up by 32% over Q4 last year (3,164 units). In FY22 export
volumes stood at 11014 units up by 38% over FY21 (8,001 units).
Management Comments :
Mr. Dheeraj Hinduja, Executive Chairman, Ashok Leyland
Limited said, "We have seen recovery in Q4 FY`22 and the overall performance
has been very good. The CV industry is on a recovery owing to the improvement
in the macroeconomic environment and healthy demand from the end-user
industries. The MHCV segment is leading the recovery riding on the back of
growth in core sectors such as construction & mining, agriculture,
increased capital outlay for infrastructure projects and pent-up replacement
demand. The performance of our 856 products have been very good and the
introduction of CNG products has helped us regain our market share.
LCV volumes driven by increased demand for last mile
connectivity, especially from the e-commerce segment is expected to grow
further. The focus on Exports, Defence, Power Solutions and Parts businesses
will ensure a balanced growth, even as we expand the reach and the products of
our core MHCV business. We are keenly following the commodity prices, and the
situation on the supply of semi-conductors and hope that both will ease. We are
very excited with the prospects of Switch and its future growth prospects in
electric vehicles. This complements well with the further developments that
Ashok Leyland is making across a spectrum of alternate fuels. We ore confident
that we will deliver sustainable profitable growth going forward."
Mr. Gopal Mahadevan, Whole Time Director & Chief
Financial Officer, Ashok Leyland Limited said "We believe that the 44
performance posted o good recovery. Our truck market shores hove been growing
steadily quorter on quarter in MHCV ond in LCV, volumes hove picked up. All
other businesses including Aftermarket and lnternotionol Operotions hove done
exceptionally well. The higher volumes and our cost monogement initiotives hove
helped us improve our bottom line. We hove generated close to Rs 2000 Cr in
cosh this quarter owing to better profits and improved working copitol, we will
continue to focus on driving operotionol efficiency."
| Ashok Leyland : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
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| Net Sales (including other operating income) | 9,926.97 | 8,142.11 | 21.92 | 26,237.15 | 19,454.10 | 34.87 | | OPM (%) | 12.03 | 12.45 | -42 bps | 10.54 | 12.66 | -212 bps | | OP | 1,194.11 | 1,013.30 | 17.84 | 2,765.24 | 2,462.44 | 12.30 | | Other Inc. | 30.98 | 34.62 | -10.51 | 86.81 | 131.16 | -33.81 | | PBIDT | 1,225.09 | 1,047.92 | 16.91 | 2,852.05 | 2,593.60 | 9.96 | | Interest | 463.15 | 457.45 | 1.25 | 1,869.05 | 1,900.64 | -1.66 | | PBDT | 761.94 | 590.47 | 29.04 | 983.00 | 692.96 | 41.86 | | Depreciation | 233.54 | 244.95 | -4.66 | 865.96 | 835.62 | 3.63 | | PBT | 528.40 | 345.52 | 52.93 | 117.04 | -142.66 | LP | | Share of Profit/(Loss) from Associates | 2.59 | 2.47 | 4.86 | 7.52 | -0.5 | LP | | PBT before EO | 530.99 | 347.99 | 52.59 | 124.56 | -143.16 | LP | | EO Income | -266.71 | 125.48 | PL | -324.15 | 76.08 | PL | | PBT after EO | 264.28 | 473.47 | -44.18 | -199.59 | -67.08 | -197.54 | | Taxation | 106.43 | 96.34 | 10.47 | 85.86 | 2.52 | 3,307.14 | | PAT | 157.85 | 377.13 | -58.14 | -285.45 | -69.6 | -310.13 | | Minority Interest (MI) | 17.61 | 24.57 | -28.33 | 73.16 | 95.63 | -23.50 | | Net profit | 140.24 | 352.56 | -60.22 | -358.61 | -165.23 | -117.04 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 140.24 | 352.56 | -60.22 | -358.61 | -165.23 | -117.04 | | EPS (Rs)* | 0.96 | 0.88 | 8.19 | 0.16 | -1.16 | LP | | | * EPS is on current equity of Rs 293.55 crore, Face value of Rs 1, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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