Ashok Leyland Limited has reported a revenue growth of 33 percent at INR 116.26 billion in the fourth quarter of FY2022-23 as compared to the revenue earning of INR 87.44 billion during the corresponding quarter in FY2021-22. Operating profit before tax for the fourth quarter of FY2022-23 was INR 10.68 billion as compared to INR 5.28 billion for the same period the fiscal prior. PAT was recorded at INR 7.51 billion as against that of INR 9.01 billion during the corresponding period in the fiscal prior. The FY2022-23 Q4 EBITDA was at 11.0 percent as against 8.9 percent the fiscal prior. 

The company’s truck market share during the fourth quarter of FY2022-23 has recorded an improvement at 32.7 percent as compared to 30.6 percent during the corresponding period in the fiscal prior. The bus market share for the fourth quarter of FY2022-23 has recorded an improvement at 27.1 percent as against 26.4 percent during the fiscal prior. 

Ashok Leyland’s domestic LCV volumes grew by 18 percent in the fourth quarter of FY2022-23 to 18,840 units as compared to 15,971 units in the corresponding period in the fiscal prior. 

For FY2022-23, the company recorded a revenue of INR 361.44 billion as compared to a revenue of INR 216.88 billion in FY2021-22. The operating PBT was INR 20.26 billion as against INR 170 million during FY2021-22. The PAT was INR 13.80 billion as against a profit of INR 5.42 billion in FY2021-22. Full year EBITDA was at 8.1 percent as against 4.6 percent in FY2021-22. Cash generated during the quarter was INR 22.87 billion and net cash surplus was INR 2.43 billion as against a net debt of INR 7.20 billion for the same period last year. 

Despite geopolitical headwinds, on a full year basis our export volumes are at 11289 units as compared to 11,014 units in FY2021-22, an increase of 2 percent. Good performance of the commercial vehicle major was supported by the medium and heavy duty AVTR truck range and the introduction of the CNG range of intermediate commercial vehicles. 

The company extended its network by opening 152 new outlets across the country in FY2022-23. Dheeraj Hinduja, Executive Chairman, Ashok Leyland Limited, said, “The CV industry is buoyant due to favourable macroeconomic factors and a healthy demand from the end-user industries. This trend is expected to continue alongside growth in core sectors such as construction and mining, agriculture, increased capital outlay for infrastructure projects and pent-up replacement demand. The focus on international operations, defence, power solutions and parts businesses will continue to balance the volatility of our core business. With momentum gradually picking up in electric vehicles, Switch Mobility is well poised to complement the developments at Ashok Leyland across a spectrum of alternate propulsion systems.” 

Shenu Agarwal, Managing Director & CEO, Ashok Leyland Limited, mentioned, “It has been a truly wholesome performance. We have been able to achieve growth in market share, across geographies and across product segments, along with significant improvement in our profitability. All this demonstrates our strong fundamentals – competitive and wide product portfolio, strong and widespread network and a talented and passionate team. While we shall continue to pursue better realisations even as we expand market share, our resolute focus shall remain on bringing deeper efficiency and cost improvement. We have generated close to INR 22.87 billion (INR 2287 Cr) of cash this quarter owing to better profits and focused management of working capital, which gives us ability to further accelerate our investment in future products and technologies.”

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The Ministry of Road Transport and Highways (MoRTH) and Eicher Trucks & Buses, a division of VE Commercial Vehicles (VECV), have signed a Memorandum of Understanding (MoU) regarding the replacement scheme for commercial vehicles in the Delhi-NCR region.

Under the agreement, Eicher Trucks & Buses will provide an 8 percent discount on the ex-showroom price of eligible vehicles. CV customers can also receive additional support regarding motor vehicle tax, registration fees, interest subvention and fuel benefits, as defined by the scheme criteria. The process will be managed through a digital platform integrated with the VAHAN database and the vehicle scrapping ecosystem.

S S Gill, Chief Commercial Officer, VE Commercial Vehicles, said, “For over 4 decades, Eicher Trucks and Buses customers have driven modernisation in the Indian CV industry. Carrying this tradition, Eicher Trucks and Buses is pleased to join hands with the Ministry of Road Transport and Highways on their path-breaking policy to replace old and polluting vehicles from the NCR region. Eicher customers will gain from the substantial incentives offered by the Government of India and State Governments of Delhi, Haryana, Uttar Pradesh and Rajasthan under this program."

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Chennai-headquartered commercial vehicle major Ashok Leyland has introduced a new range of trucks equipped with air suspension, which includes three models: the AVTR 4925 10x2 MAV, the AVTR 4625 10x2 MAV and the AVTR 4525 8x2 MAV. These vehicles offer payload advantages of up to 4 tonnes.

The trucks are designed to provide stability, reduce vibrations and improve tyre life. The company says that the suspension system requires no greasing, facilitating maintenance-free operations.

The new air-suspension-equipped truck range is available in cowl and cabin options with various loading spans. Standard features include Intelligent Vehicle Acceleration Control (iVAC) and Automatic Traction Control (ATC) to assist with fuel efficiency and traction.

Shenu Agarwal, Managing Director & CEO, Ashok Leyland, said, "Ashok Leyland has always been a technology leader in the Indian CV industry. Since our inception we have been known for introducing technology solutions that create meaningful value for customers. With the launch of the new Air Suspension technology in trucks, we are reinforcing that position. These new trucks offer best in class payload capability, improved comfort, and better performance, helping our customers improve productivity and profitability."

Sanjeev Kumar, President MHCV, Ashok Leyland, added, "Customers today are looking for vehicles that provide better efficiency, reliability, and value throughout their operations. Our new air suspension range has been developed keeping these requirements in mind. With benefits such as improved vehicle stability, reduced vibrations, superior ride comfort, and improved tyre life, these trucks are designed to deliver a better ownership experience for customers."

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Pune-headquartered Force Motors has signed a Memorandum of Understanding (MoU) with the Ministry of Road Transport & Highways (MoRTH) to participate in the Commercial Vehicle Replacement Scheme for the Delhi-NCR region.

The scheme facilitates the replacement of BS-IV and older trucks and buses in Delhi-NCR with BS-VI or electric vehicles to lower emissions. Under the agreement, Force Motors will provide benefits to customers through its dealership network in the region.

Prasan Firodia, Managing Director, Force Motors, said, "Force Motors is pleased to partner with the Government of India in this important initiative to modernise the commercial vehicle fleet in the Delhi-NCR region. The scheme aligns with our commitment to delivering cleaner, more efficient mobility solutions. We look forward to enabling fleet operators and customers to transition to the latest generation of commercial vehicles through this collaborative initiative."

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Chennai-headquartered automotive major Ashok Leyland has inaugurated a new dealership for Light Commercial Vehicles (LCVs) in Ratnagiri. This facility is the 16th LCV dealership in Maharashtra, adding to a distribution network of 950 touchpoints across India.

The new dealership is operated by Lavekar Motors as a 3S (Sales, Service and Spares) facility, which features 8 service bays and is located near Mahanagar CNG Pump.

Viplav Shah, Head – LCV Business, Ashok Leyland Ltd. said, “Maharashtra has always been an important market for us, and we are excited to further strengthen our presence in this region. Our relationship with customers is built on trust, performance, and shared growth. Our products are known for their superior mileage, reliability, and performance with a robust network and an industry-leading service retention, we take pride in the continued confidence our customers place in us. The opening of this new dealership marks yet another step in our commitment to delivering world-class products and unmatched services to our valued customers.”

Till date, Ashok Leyland has sold over 600,000 LCVs in India, which are manufactured at the Hosur plant.

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