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For
the quarter ending Dec 2022, consolidated Net sales (including other operating income) of Ashok Leyland has increased 56.16% to Rs 10399.74 crore compared to quarter ended Dec 2021. Sales of Commercial Vehicle segment has gone up 61.75% to Rs 9,461.34 crore (accounting for 90.97% of total sales). Sales of Financial Service segment has gone up 15.80% to Rs 938.68 crore (accounting for 9.03% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 1,187.70% to Rs 683.77 crore. PBIT of Commercial Vehicle reported profit of Rs 518.45 crore compared to loss of Rs 52.15 crore. PBIT of Financial Service segment rose 57.07% to Rs 165.32 crore (accounting for 24.18% of total PBIT). PBIT margin of Commercial Vehicle segment rose from negative 0.89% to 5.48%. PBIT margin of Financial Service segment rose from 12.98% to 17.61%. Overall PBIT margin rose from 0.80% to 6.57%. Operating profit margin has jumped from 9.88% to 12.93%, leading to 104.36% rise in operating profit to Rs 1,344.47 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 64.33% to 67.30%. Purchase of finished goods cost fell from 3.87% to 2.81%. Employee cost decreased from 9.89% to 7.56%. Other expenses fell from 12.18% to 10.13%. Other income rose 91.44% to Rs 30.65 crore. PBIDT rose 104.05% to Rs 1375.12 crore. Provision for interest rose 17.15% to Rs 545.19 crore. PBDT rose 297.97% to Rs 829.93 crore. Provision for depreciation rose 2.98% to Rs 220.44 crore. Profit before tax reported profit of Rs 609.49 crore compared to loss of Rs 5.52 crore. Share of profit/loss was 77.64% lower at Rs 1.25 crore. Provision for tax was expense of Rs 263.59 crore, compared to Rs 51.65 crore. Effective tax rate was 42.87% compared to negative 92.36%. Minority interest increased 129.95% to Rs 32.17 crore. Net profit attributable to owners of the company stood at Rs 319.04 crore compared to loss of Rs 121.56 crore.Promoters’ stake was 51.11% as of 31 December 2022 ,compared to 51.12% as of 31 December 2021 . Promoters pledged stake was 19.04% as of 31 December 2022 ,compared to 17.40% as of 31 December 2021 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Ashok Leyland has increased 74.55% to Rs 28470.05 crore. Sales of Commercial Vehicle segment has gone up 85.23% to Rs 25,834.17 crore (accounting for 90.74% of total sales). Sales of Financial Service segment has gone up 11.55% to Rs 2,636.66 crore (accounting for 9.26% of total sales). Inter-segment sales rose Rs 0.57 crore to Rs 0.78 crore. PBIT of Commercial Vehicle reported profit of Rs 813.02 crore compared to loss of Rs 558.86 crore. PBIT of Financial Service segment rose 30.86% to Rs 444.41 crore (accounting for 35.34% of total PBIT). PBIT margin of Commercial Vehicle segment rose from negative 4.01% to 3.15%. PBIT margin of Financial Service segment rose from 14.37% to 16.86%. Overall PBIT margin rose from 1.34% to 4.42%. Operating profit margin has jumped from 9.63% to 11.01%, leading to 99.54% rise in operating profit to Rs 3,134.98 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 61.00% to 67.68%. Purchase of finished goods cost fell from 4.16% to 2.87%. Employee cost decreased from 11.76% to 7.90%. Other expenses fell from 13.53% to 10.93%. Other income rose 43.58% to Rs 80.16 crore. PBIDT rose 97.62% to Rs 3215.14 crore. Provision for interest rose 7.50% to Rs 1511.37 crore. PBDT rose 670.73% to Rs 1703.77 crore. Provision for depreciation rose 1.43% to Rs 641.48 crore. Profit before tax reported profit of Rs 1,062.29 crore compared to loss of Rs 411.36 crore. Share of profit/loss was 46.65% lower at Rs 2.63 crore. Extraordinary items were increased to Rs -10.10 crore. Provision for tax was debit of Rs 495.87 crore, compared to credit of Rs 20.57 crore. Effective tax rate was 47.01% compared to 4.43%.Minority interest increased 27.22% to Rs 70.67 crore. Promoters’ stake was 51.11% as of 31 December 2022 ,compared to 51.12% as of 31 December 2021 . Promoters pledged stake was 19.04% as of 31 December 2022 ,compared to 17.40% as of 31 December 2021 .
Full year results analysis.
Net sales (including other operating income) of Ashok Leyland has increased 34.87% to Rs 26237.15 crore. Sales of Commercial Vehicle segment has gone up 41.16% to Rs 23,021.03 crore (accounting for 87.74% of total sales). Sales of Financial Service segment has gone up 2.21% to Rs 3,216.92 crore (accounting for 12.26% of total sales). Inter-segment sales came down from Rs 1.25 crore to Rs 0.80 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 495.61% to Rs 365.17 crore. PBIT of Commercial Vehicle segment rose 77.80% to Rs -82.46 crore (accounting for -22.58% of total PBIT). PBIT of Financial Service segment rose 3.46% to Rs 447.63 crore (accounting for 122.58% of total PBIT). PBIT margin of Commercial Vehicle segment rose from negative 2.28% to negative 0.36%. PBIT margin of Financial Service segment rose from 13.75% to 13.91%. Overall PBIT margin rose from 0.32% to 1.39%. 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 2,138.16 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 . Cash flow from operating activities has turned positive Rs 2,844.56 crore for year ended March 2022 from negative Rs 1,065.13 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 508.72 crore, compared to Rs 751.67 crore during the year ended March 2021. Other Highlights
Company’s
domestic LCV volumes for Q3 FY23 stood at 16405 units compared to 14233 units
in Q3 FY22 up by 15%.
Company`s debt
was at Rs 2043 crore in Q3 FY23.
Company’s
MHCV Market share jumps to 33% in Q3 FY23.
The company extended its widespread network
by opening 57 new outlets across the country. Other businesses like
After-market and Power Solutions Business continue to contribute strongly to
the top line of the Company.
Management Comments :
Mr. Dheeraj Hinduja, Executive Chairman,
Ashok Leyland, said "We have been able to achieve growth in market share
on a Pan India basis together with significant improvement in Net Profits. Our
team continues to pursue better realisations even as we expand our market
share. This, along with our continued focus on optimising input costs, has
helped us achieve better financial performance. The softening of commodity
prices has also been positive. The industry continues to grow and has seen
strong volumes in Q3 FY`23 over the same period last year. We remain canfident
and optimistic about the future as macroeconomic factors continue to be
favourable. With our robust product portfolio, we are intensifying our global
market expansion strategy."
Mr. Shenu Agarwal, MD & CEO, Ashok
Leyland, added, "The current quarter saw the canfluence af continued
uptick in our volumes, better realisations, and lower input casts thus helping
us achieve higher profitability as well as market share. At Ashok Leyland, we aim
to stay ahead of the curve, driven by our Newgen products and a talented team
and will cantinue to pursue growth profitably and sustainably. "
| Ashok Leyland : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202212 | 202112 | Var.(%) | 202212 | 202112 | Var.(%) | 202203 | 202103 | Var.(%) |
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| Net Sales (including other operating income) | 10,399.74 | 6,659.82 | 56.16 | 28,470.05 | 16,310.18 | 74.55 | 26,237.15 | 19,454.10 | 34.87 | | OPM (%) | 12.93 | 9.88 | 305 bps | 11.01 | 9.63 | 138 bps | 10.54 | 12.66 | -212 bps | | OP | 1,344.47 | 657.89 | 104.36 | 3,134.98 | 1,571.13 | 99.54 | 2,765.24 | 2,462.44 | 12.30 | | Other Inc. | 30.65 | 16.01 | 91.44 | 80.16 | 55.83 | 43.58 | 86.81 | 131.16 | -33.81 | | PBIDT | 1,375.12 | 673.90 | 104.05 | 3,215.14 | 1,626.96 | 97.62 | 2,852.05 | 2,593.60 | 9.96 | | Interest | 545.19 | 465.36 | 17.15 | 1,511.37 | 1,405.90 | 7.50 | 1,869.05 | 1,900.64 | -1.66 | | PBDT | 829.93 | 208.54 | 297.97 | 1,703.77 | 221.06 | 670.73 | 983.00 | 692.96 | 41.86 | | Depreciation | 220.44 | 214.06 | 2.98 | 641.48 | 632.42 | 1.43 | 865.96 | 835.62 | 3.63 | | PBT | 609.49 | -5.52 | LP | 1062.29 | -411.36 | LP | 117.04 | -142.66 | LP | | Share of Profit/(Loss) from Associates | 1.25 | 5.59 | -77.64 | 2.63 | 4.93 | -46.65 | 7.52 | -0.5 | LP | | PBT before EO | 610.74 | 0.07 | 8,72,386.00 | 1064.92 | -406.43 | LP | 124.56 | -143.16 | LP | | EO Income | 4.06 | -55.99 | LP | -10.1 | -57.44 | 82.42 | -324.15 | 76.08 | PL | | PBT after EO | 614.8 | -55.92 | LP | 1054.82 | -463.87 | LP | -199.59 | -67.08 | -197.54 | | Taxation | 263.59 | 51.65 | 410.34 | 495.87 | -20.57 | PL | 85.86 | 2.52 | 3,307.14 | | PAT | 351.21 | -107.57 | LP | 558.95 | -443.3 | LP | -285.45 | -69.6 | -310.13 | | Minority Interest (MI) | 32.17 | 13.99 | 129.95 | 70.67 | 55.55 | 27.22 | 73.16 | 95.63 | -23.50 | | Net profit | 319.04 | -121.56 | LP | 488.28 | -498.85 | LP | -358.61 | -165.23 | -117.04 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 319.04 | -121.56 | LP | 488.28 | -498.85 | LP | -358.61 | -165.23 | -117.04 | | EPS (Rs)* | 1.08 | 0.00 | LP | 1.68 | -1.48 | LP | 0.16 | -1.16 | LP | | | * EPS is on current equity of Rs 293.61 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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| Ashok Leyland : Consolidated Segment Results | | | Quarter ended | Year to Date | Year ended |
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| % of (Total) | 202212 | 202112 | Var.(%) | % of (Total) | 202212 | 202112 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
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| Sales | | Commercial Vehicle | 90.97 | 9,461.34 | 5,849.23 | 61.75 | 90.74 | 25,834.17 | 13,947.02 | 85.23 | 87.74 | 23,021.03 | 16,308.09 | 41.16 | | Financial Service | 9.03 | 938.68 | 810.59 | 15.80 | 9.26 | 2,636.66 | 2,363.73 | 11.55 | 12.26 | 3,216.92 | 3,147.26 | 2.21 | | Total Reported Sales | 100.00 | 10,400.02 | 6,659.82 | 56.16 | 100.00 | 28,470.83 | 16,310.75 | 74.55 | 100.00 | 26,237.95 | 19,455.35 | 34.86 | | Less: Inter segment revenues | | 0.28 | 0.00 | - | | 0.78 | 0.57 | 36.84 | | 0.80 | 1.25 | -36.00 | | Net Sales | 100.00 | 10,399.74 | 6,659.82 | 56.16 | 100.00 | 28,470.05 | 16,310.18 | 74.55 | 100.00 | 26,237.15 | 19,454.10 | 34.87 | | PBIT | | Commercial Vehicle | 75.82 | 518.45 | -52.15 | LP | 64.66 | 813.02 | -558.86 | LP | -22.58 | -82.46 | -371.36 | 77.80 | | Financial Service | 24.18 | 165.32 | 105.25 | 57.07 | 35.34 | 444.41 | 339.60 | 30.86 | 122.58 | 447.63 | 432.67 | 3.46 | | Total PBIT | 100.00 | 683.77 | 53.10 | 1,187.70 | 100.00 | 1,257.43 | -219.26 | LP | 100.00 | 365.17 | 61.31 | 495.61 | | Less : Interest | | 104.93 | 74.63 | 40.60 | | 275.30 | 247.93 | 11.04 | | 334.94 | 335.13 | -0.06 | | Add: Other un-allcoable | | 35.96 | -34.39 | LP | | 72.69 | 3.32 | 2,089.46 | | -229.82 | 206.74 | PL | | PBIT Margin(%) | | Commercial Vehicle | | 5.48 | -0.89 | 637.12 | | 3.15 | -4.01 | 715.41 | | -0.36 | -2.28 | 191.90 | | Financial Service | | 17.61 | 12.98 | 462.76 | | 16.86 | 14.37 | 248.79 | | 13.91 | 13.75 | 16.73 | | PBT | 100.00 | 614.80 | -55.92 | LP | 100.00 | 1,054.82 | -463.87 | LP | 100.00 | -199.59 | -67.08 | -197.54 |
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