The revenues for the quarter stood at Rs 8,266 crore as against Rs 4,458 crore in Q2 FY22. The company achieved a market share of 32% in Q2 FY23.

Ashok Leyland's domestic MHCV volume at 25,475 units, grew by 113% over the same period last year (11,988 units), which is more than double the industry growth. This helped Ashok Leyland achieve market share gains of 9.6% in the quarter.

Ashok Leyland's domestic LCV volumes for Q2 FY23 at 17,040 units, is higher than Q2 FY22 by 28% (13,328 units). Export volumes (MHCV & LCV) for Q2 FY123 at 2,780 units is higher than Q2 FY22 by 25% (2,227 units).

The company reported an EBITDA of Rs 537 crore (6.5%) in Q2 FY23 as compared with Rs 135 crore (3%) for Q2 FY22.

Debt was at Rs 2,677 crore in Q2 FY23. Debt Equity was at 0.37 times in Q2 FY23 as compared to 0.48 times in Q2 FY22.

Ashok Leyland said that it had witnessed healthy demand for the AVTR range, and this demand is expected to further improve, mirroring the expected increase in economic activity. In the LCV segment, the Bada Dost has been well accepted by the customers and the company is ramping up production in line with market demand.

Going forward, last-mile connectivity demand propelled by e-commerce is likely to continue supporting ICV and LCV truck volumes. Other businesses like after-market and power solutions business continue to contribute to the top line of the company.

Dheeraj Hinduja, executive chairman, Ashok Leyland, said: "Despite global recessionary trends, the Indian commercial vehicle market continues to grow well, the industry has seen strong volumes in Q2 FY23 over the same period last year.

We see the demand continuing in all segments of trucks and passenger vehicles and we remain confident and optimistic about the future. Our robust market share growth exemplifies the technological leadership of Ashok Leyland."

Gopal Mahadevan, director & CFO, Ashok Leyland, added: "While we will pursue growth, we want to do it profitably and sustainably, the team continues its focus on operating costs and margins. We have been driving our other businesses like aftermarket, power solutions, Defence and digital customer solutions which have contributed increasingly to our revenue."

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.

The scrip shed 0.38% to currently trade at Rs 146.10 on the BSE.