Ashok Leyland posts record numbers for Full Year FY’24

Ashok Leyland posts record numbers for Full Year FY’24

Q4 EBITDA @ 14.1%

FY24 Revenues @ Rs. 38,367 Cr

 FY24 EBITDA @ 12.0%

 FY24 Profit After Tax @ Rs. 2,618 Cr

 

Chennai, May 24,2024: Ashok Leyland Limited, the Indian flagship of the Hinduja Group, reported a record EBITDA of 14.1% for Q4 FY24 (Rs. 1592 Cr) compared to 11.0% (Rs. 1276 Cr) for the same period last year. Operating PBT for the quarter was at Rs.1471 Cr (38% Growth) vis-a-vis Rs. 1068 Cr for the same period last year. PAT was at Rs. 900 Cr as against Rs. 751 Cr in Q4 last year. Cash generated during the quarter was Rs. 1,658 Cr. The Company declared best ever numbers for the year ended March 31, 2024:

	FY24	FY23	Change
Revenues (Cr)	38,367	36,144	6%
Operating PBT (Cr)	3,886	2,026	92%
Profit After Tax (Cr)	2,618	1,380	90%

FY24 EBITDA was at 12.0% as against 8.1% last year. Net debt at the end of FY24 was at Rs. 89 Cr.

The results were backed by an all-round performance with contributions from all business verticals. In the M and HCV Bus segment, Ashok Leyland emerged as market leader with a market share gain of 5.8% points. Overall CV volumes at 194,553 units were very close to the previous high of 197,366. LCV Volumes in the 2-3.5T category were maintained despite the industry witnessing a reduction in volumes. Ashok Leyland now is the #2 brand in this segment in the country. Export volumes for the year grew 5% despite challenging conditions in target markets. The Power Solutions and Defence Businesses also posted impressive growth.

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.

Ashok Leyland’s key subsidiaries Switch Mobility, Ohm Mobility, Hinduja Leyland Finance and Hinduja Tech are progressing well and continue to add immense value to Ashok Leyland’s future. Hinduja Tech has recently closed a $ 50 Mn investment from Private Equity investors to pursue further acquisitions.

         

Mr. 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 75^th 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.”   

 

Mr. Shenu Agarwal, Managing Director & CEO, Ashok Leyland Limited said “FY24 has been a strong year for us. Whether it is revenues, EBITDA margins or profits, we have achieved all-time high numbers. This gives us even more strength to move towards our medium-term goal of mid-teen EBITDA. Our product portfolio is very robust, and our future pipeline is strong. We are confident that our product superiority and our expanding reach will help us to further improve our market share as well as our price realizations. Our team continues to relentlessly focus on cost management initiatives.”

  DISCLAIMER FORWARD - LOOKING STATEMENT  

In this Press Release, we have disclosed forward-looking information to enable investors to fully appreciate our prospects and take informed investment decisions. This report and other statements – written and oral – that we periodically make, contain forward-looking statements that set our anticipated results based on management plans and assumptions. We have tried, where possible to identify such statements by using such words as ‘anticipate’, ‘expect’, ‘project’, ‘intend’, ‘plan’, ‘believe’ and words of similar substance in connection with any discussion of future performance.

We cannot, of course, guarantee that these forward-looking statements will be realized, although we believe we have been prudent in our assumptions. Achievement of results is subject to risks, uncertainties, or potentially inaccurate assumptions. Should know or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. Readers should bear this in mind.

We undertake no obligation to publicly update any forward- looking statements, whether as a result of new information, future events, or otherwise.

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Rajesh Mani, Head - Marketing and Corporate Communications

[email protected] | +91 9500022922

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