Ashok Leyland financial numbers for the second quarter of FY24 have missed Street estimates. The flagship company of the Hinduja Group posted a net profit for the quarter at ₹561 crore up from ₹199.3 crore from the corresponding period a year ago. The profit numbers are down 8.2% from the estimation of ₹611 crore by a CNBC-TV18 poll.
The standalone net revenues are 16.6% higher year-on-year at ₹9,638 crore, missing the CNBC-TV18 poll of ₹9,844 crore.
Earnings before interest, tax, depreciation and amortisation (EBITDA) was at ₹1,079.8 crore versus CNBC-TV18 poll of ₹1,088 crore. The EBITDA margin grew to 11.2%.
Other income more than doubled to ₹47.46 crore from ₹19.99 crore year-on-year.
The company's total sales in the month of October 2023 grew 13% as compared to 14,863 units in the same month last year.
Domestic sales were up 14% at 15,759 units as against 13,860 units in October 2022.
Sales of medium and heavy commercial vehicles in the domestic market were at 9,411 units as against 8,189 units in the year-ago period, up 15%.
In the June ended quarter, Ashok Leyland's domestic MHCV volume grew by 7% and market share grew from 30% to 31.2%. The MHCV truck market share was at 31.7% as against 31.1% in the same period last year.
Following the results shares of Ashok Leyland declined over 1%. At 3:30 shares of Ashok Leyland were trading at ₹171, down 1.47% from the previous close on the BSE.
(Edited by : Amrita)
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