Q3 results: Ashok Leyland net profit jumps 60.5% to ₹580 crore, EBITDA at 12.0%

Commenting on the Q3FY24 results, Shenu Agarwal, Managing Director and CEO, Ashok Leyland, added, “We have been able to achieve significant improvement in our net profits. The current quarter saw the confluence of good volumes, better price realisation, 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 the back of new differentiated products, a deeper focus on cost optimisation, 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 also added that it garnered orders for more than 3,800 buses from State Transport Undertakings. The bus market continues to grow significantly and is expected to bolster overall industry volumes. In the recently held Bharat Mobility Global Expo at New Delhi, the company commenced delivery of its first Electric 55T Tractor—Trailer, and its first 14T Boss Electric Truck.

Ashok Leyland also achieved a historic high commercial vehicle (CV) volume of 1,38,416 units in the first nine months of the fiscal year.

Dheeraj Hinduja, Executive Chairman 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."