Ashok Leyland announced its financial performance for the first quarter of FY 2023 reporting a 145% gain in revenues year-on-year. The company reported revenues of Rs 7,223 crore for the quarter ending June 2022 as against 2,951 crore in the same period last year. The company also reported a profit of Rs 68 crore for the first quarter. The company had reported a loss of Rs 282 crore in the first quarter of FY2022.
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. Our digital-first approach is helping Ashok Leyland customers increase their business efficiency and we are continuing to expand our offerings. We are pleased that we have continued to grow our market share. With our robust LHD portfolio, we are intensifying our international expansion strategy.”
Ashok Leyland reported continued strong demand for its AVTR range
Coming to the firm’s sales performance, the company reported a 189% year-on-year growth in the Medium and Heavy Commercial vehicle segment with market share increasing to 30% from 27% a year ago. Sales of light commercial vehicles were also up 66% year-on-year riding to 14,384 units from 8,690 units. Exports too grew year-on-year by 76%.
Ashok Leyland said that it continued to see strong demand for its AVTR truck and tractor range while also expecting demand to further grow in the coming quarters. In the LCV segment, the company said that Bada Dost was seeing good sales with the company set to ramp up production to cater to demand. The firm however said that sales of LCV could have been better during the quarter with the company reporting inadequate availability of ECUs, which it said was gradually improving.
