Ashok Leyland, the flagship of the Hinduja Group and a leading Indian commercial vehicle manufacturer, delivered a record-breaking Q3 performance, emphasizing profitable growth.
The company achieved an all-time high Q3 net profit of ₹762 Cr, a 31% increase year-over-year, and reported its highest-ever Q3 EBITDA of ₹1,211 Cr (12.8%), marking the eighth consecutive quarter of double-digit EBITDA. Revenues also reached a record ₹9,479 Cr, surpassing ₹9,273 Cr in Q3 FY24. Export volumes grew 33% to 4,151 units. Additionally, the company turned cash positive, with net cash of ₹958 Cr, reversing a net debt of ₹1,747 Cr from Q3 FY24.
Ashok Leyland’s domestic MHCV market share continues to be over 30%. The Company also has maintained market leadership in the Bus segment. Ashok Leyland recently launched SAATHI, its foray into the entry level LCV segment, opening up a new customer segment, which was previously unaddressed. At the recently held Bharat Mobility Global Expo, Ashok Leyland showcased concept of industry-first electric Port Terminal Tractor as well as India’s first 15-meter bus with a front engine and capacity of 42 sleeper births. At the show, Switch displayed a concept electric truck in the 7.5T GVW range, again a first in the segment. The Defence, Power Solutions and Aftermarket Businesses continue to perform well.
Mr. Dheeraj Hinduja, Executive Chairman, Ashok Leyland, said “The steady progress we are making in profitability is backed by products that deliver superior performance coupled with robust customer engagement. Sales in international markets are showing strong growth, and we expect this momentum to accelerate with the launch of new products. I compliment the management and all our team for delivering a record breaking Q3 for the second year in a row. We are also continuing to invest in battery electric and alternate fuel products to maintain our technology leadership position. Switch has a healthy order book and has plans to come out with a series of products in the next 12 months.”
Mr. Shenu Agarwal, Managing Director & CEO, Ashok Leyland, added, “Relative to Q2, the MHCV market has revived significantly in Q3, and is expected to improve further as we enter the last quarter. Our focus remains on profitable growth through product premiumization, cost leadership, better service reach and enhanced value-added services. Non-CV businesses have done well and offer more headroom for growth. We remain optimistic about the growth of the CV industry in the medium and long term as macroeconomic factors continue to be favorable.”
