Revenue in the first quarter jumped to Rs 7,223 crore from Rs 2,951 crore recorded in the same period last year.

Ashok Leyland's domestic MHCV volume grew at 189% and market share grew from 27% to 30%. Truck market share was at 31.1% for Q1 FY23 as against 26.2% last year.

The company's domestic LCV volume in Q1 FY23 was 14,384 units, which is higher by 66% as compared with 8,690 units sold in Q1 of last year. Export volume (MHCV & LCV) for Q1 FY23 stood at 2,527 units, up by 76% from 1,437 units exported in the corresponding period last year.

EBITDA for Q1 FY23 was at Rs 320 crore as against a loss of Rs 140 crore in the previous year.

Net Debt to Equity in Q1 FY23 was at 0.3 times compared to 0.6 times in Q1 last year.

The company continued to see strong demand for the AVTR range and this demand is expected to further improve consequent to anticipated growth in the total industry volume. In the LCV segment, the ‘Bada Dost' commercial vehicle has been well accepted by the customers and the company is ramping up production in line with market demand. Last-mile connectivity propelled by e-commerce is likely to maintain the demand for SCV trucks.

Other businesses of the company like power solutions and aftermarket continue to contribute strongly to the bottom line of the company. The volume of LCV could have been better but for the inadequate availability of ECUs, which is now gradually improving.

Dheeraj Hinduja, executive chairman, Ashok Leyland, said "The industry has seen strong volume growth in Q1 FY'23, and we expect this trend to continue going forward. The team is focused on market performance while reining in costs this quarter. We are pleased that we have continued to grow our market share. With our robust LHD portfolio we are intensifying our International expansion strategy.

Through our electric vehicle subsidiary, Switch Mobility, we are taking strategic steps to move towards net zero carbon mobility. The EV market is expanding fast and we are ready for participating in this growth.”

Gopal Mahadevan, director & CFO, Ashok Leyland, added, "With expansion in revenues and efficient cost management we have seen our bottom line improving. The softening of commodity prices, in particular for steel, should impact our margins positively.”

Ashok Leyland, flagship of the Hinduja group, is among the largest manufacturer of commercial vehicles in India and also among the biggest manufacturers of buses and trucks globally.