The shares of the multinational automotive manufacturer gained up to 5 percent after the company’s combined sales of M&HCV and LCV units marked a 10 percent increase from the same period last year.
With a market capitalization of Rs 59,166.99 crore, the shares of Ashok Leyland Ltd closed at Rs 201.50 per share, increasing around 4.62 percent as compared to the previous closing price of Rs 192.60 apiece.
According to the company filing, Ashok Leyland Ltd has recorded combined sales of M&HCV and LCV units (including exports) amounted to 14,271 units, marking a 10 percent increase from the same period last year. M&HCVs and LCVs are medium, heavy, and light commercial vehicles.
While truck sales fell, the business had an impressive 171 percent gain in M&HCV bus sales, selling 2,074 units. The whole M&HCV category experienced growth, with 8,611 units sold, a 16 percent rise from April 2023.
In the LCV category, Ashok Leyland saw a 2% decrease, selling 4,835 vehicles vs 4,944 units in April 2023. As a result, the total number of automobiles sold domestically reached 13,446 units, representing a 9% increase over the same time last year.
Looking into Ashok Leyland Ltd’s performance, revenue increased by 7 percent from Rs 10,400 crore in Q3FY23 to Rs 11,093 Crore in Q3FY24. During the same time frame, net profit increased by 73 percent from Rs 351 crore to Rs 609 crore.
Earlier in this year, Ashok Leyland secured an order for 1,225 buses from Karnataka State Transport Undertakings namely KSRTC, NWKRTC, AND KKRTC worth Rs 522 crore.
Additionally, The company will deliver a 210-inch wheelbase Viking fully built passenger bus that is AIS 153 certified and BSVI OBD II diesel fuelled for Mofussil operation. The bus will feature advanced iGen6 BSVI Technology and a powerful 147 kW H Series Engine, which is expected to improve safety and comfort while lowering overall ownership costs.
Ashok Leyland is the Hinduja group’s main company, with a lengthy history in the domestic medium and heavy commercial vehicle (M&HCV) industry. The firm has a strong brand, a diverse distribution and service network throughout the country, and a presence in 50 countries.
Written by:- Abhishek Singh
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