Profit before tax climbed 61.52% YoY to Rs 903.86 crore in Q3 FY24.

EBITDA stood at Rs 1,114 crore in Q3 FY24, registering the growth of 39.77% as compared with Rs 797 crore in Q3 FY23. During the quarter, EBITDA margin improved to 12% as against 8.8% in Q3 FY23.

Despite global headwinds, export volume of 3,128 units in Q3 FY24 against 2,936 units in the same period last year, registering a growth of 6.5%.

In the current quarter, the company has invested Rs 662 crore into Optare PLC / Switch, as prospects of eLCVs and eBuses continue to strengthen.

The company continued to see a strong demand for its products both in the MHCV and LCV segments, holding its position as the lead manufacturer of Buses in the country. During the quarter the company garnered orders for more than 3800 buses from State Transport Undertakings. The Bus market continues to grow significantly and is expected to bolster overall industry volumes.

Dheeraj Hinduja, Executive Chairman, Ashok Leyland, said, “The present favourable market conditions are expected to hold in the foreseeable future. The steady progress we are making in sales volume and profitability is backed by products that deliver superior performance and customer value coupled with robust customer engagement across segments. A suite of new products in conventional and alternate propulsion technologies is slated for introduction progressively to consolidate our gains in the domestic market and facilitate our forays in overseas markets.”

Shenu Agarwal, managing director & CEO, Ashok Leyland, added, “The current quarter saw the confluence of good volumes, better price realization, and higher cost savings, thus helping us achieve better profitability. Other businesses such as After-market, Power Solutions and Defence also continue to strongly contribute to our top line and margins.

On back of new differentiated products, deeper focus on cost optimization, and with continued discipline on pricing, we shall relentlessly pursue improvement in profitability. We remain confident and optimistic about the growth of the CV industry in the medium and long term as macroeconomic factors continue to be favorable.”

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.