Friday, Jun 21 2024 | Time 20:16 Hrs(IST)
Business Economy

New Delhi, May 24 (UNI) Ashok Leyland, a flagship company of the Hinduja Group, on Friday reported about 17 percent jump in net profit at Rs 933.69 crore during Q4 (January-March) of financial year 2023-24 against Rs 799.87 crore in the same quarter of 2022-23.
The full year profit nearly doubled to Rs 2,696.3 crore in 2023-24 compared to Rs 1,358.82 crore in 2022-23, the company said in a regulatory filing with the stock exchanges.
The revenue from operations grew marginally in the fourth quarter to Rs 13,613.29 crore compared to Rs 13,229.50 crore in the Q4 of 2022-23. While total revenue during the fiscal 2023-24 stood at Rs 45,931.22 crore compared to Rs 41,779.71 crore in the previous financial year.
The results were backed by an all-round performance with contributions from all business verticals, the company claimed.
Commenting on the results, Dheeraj Hinduja, Chairman, Ashok Leyland Limited, said, “What makes this achievement significant is that it is coming in a year when we are celebrating our 75th year anniversary. We continue to be optimistic about our industry prospects in the short to medium terms backed by anticipated robust growth in the Indian economy. We are confident that we will continue to maintain sustainable and profitable growth year after year through our unwavering pursuit on delivering differentiated products and providing best-in-class customer satisfaction.”
In the medium and heavy commercial vehicles (M&HCV) Bus segment, Ashok Leyland emerged as market leader with a market share gain of 5.8 per cent points. Overall commercial vehicles (CV) volumes at 194,553 units were very close to the previous high of 197,366. Light commercial Vehicles (LCV) Volumes in the 2-3.5T category were maintained despite the industry witnessing a reduction in volumes.
Export volumes for the year grew 5 percent despite challenging conditions in target markets. The Power Solutions and Defence Businesses also posted impressive growth, it said, adding the record performance has been enabled by the Company’s superior product offerings and its expanding sales and service reach. During the year, the Company opened 246 new outlets across the country.
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