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New Delhi: Commercial vehicle maker Ashok Leyland on Friday reported a growth of 16.73% in its consolidated net profit at INR 933.69 crore in the quarter ended March 2024. The company reported a PAT of INR 799.87 crore in the corresponding period of last year.
Revenue from operations during Q4 FY24 increased to INR 13,577.58 crore, as against INR 13,202.55 crore in Q4 FY23.
The board of directors of the company, at their meeting held on March 25, 2024, has declared an interim dividend of INR 4.95 per equity share of INR 1 each, for the year ended March 31, 2024.
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 USD 50 mn investment from Private Equity investors to pursue further acquisitions, said the company.
On the outlook, Dheeraj Hinduja, Chairman, Ashok Leyland Limited said, “We continue to be optimistic about our industry prospects in the short to medium terms backed by anticipated robust growth in the Indian economy.”
For the full year FY24, the company reported a net consolidated PAT of INR 2,696.34 crore when compared to INR 1,358.82 crore in FY23.
Talking about the full year, 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 team continues to relentlessly focus on cost management initiatives.”
