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.”
Blue Energy Motors Joins PARIVARTAN Scheme To Deploy Electric Heavy-Duty Trucks
- By MT Bureau
- October 23, 2026
Pune-headquartered alternative commercial vehicle maker Blue Energy Motors has signed a Memorandum of Understanding (MoU) with the Ministry of Road Transport and Highways (MoRTH) under the PARIVARTAN Scheme. The partnership aims to facilitate the replacement of commercial vehicles with electric trucks within the Delhi-National Capital Region.
The initiative supports the transition to freight mobility options by incentivising the replacement of transport units. Blue Energy Motors deploys electric and liquefied natural gas truck platforms across freight routes, accumulating operational distance and reducing emissions.
Anirudh Bhuwalka, Founder & Managing Director, Blue Energy Motors, said, "The PARIVARTAN Scheme is an important step towards accelerating the transition to cleaner freight mobility in India. Our participation reflects Blue Energy Motors’ commitment to supporting the Government’s vision for sustainable transportation and enabling wider adoption of electric heavy-duty trucks. We believe that the right policy support, coupled with advanced technology and a strong domestic manufacturing ecosystem, can play a pivotal role in accelerating India’s transition towards zero-emission freight transportation."
SWITCH Mobility, PURPLE BUS Launch Vidarbha's First Electric Intercity Bus Service On Nagpur–Chandrapur Route
- By MT Bureau
- October 20, 2026
SWITCH Mobility Ltd, a global leader in electric buses and light commercial vehicles and part of the Hinduja Group, has joined forces with intercity operator PURPLE BUS to roll out the region's first electric bus service linking Nagpur and Chandrapur, widening the operator's Vidarbha footprint. Union Minister of Road Transport and Highways Nitin Gadkari oversaw the ceremonial dispatch of the inaugural six units, drawn from a 50-bus EiV12m intercity electric order placed by Purple Bus for deployments across Vidarbha.
Organisers chose Dussehra, a festival traditionally viewed as favourable for fresh ventures, as the launch date, a nod to the manufacturer's continuing push for safe, dependable and sustainable public transport in the region. Travellers between the two cities stand to gain better connectivity along with a safe, comfortable and eco-friendly way to travel.
The Nagpur–Chandrapur service is the third intercity project this year between SWITCH Mobility and Prasanna Purple Mobility Solutions, building on electric coach launches along the Mumbai–Pune and Dombivli–Pune corridors in April 2026 and October 2026, respectively. The recurring tie-up points to rising operator confidence in electric buses for high-frequency intercity routes and to SWITCH Mobility's growing part in India's shift towards sustainable intercity travel.
The new route strengthens the partnership with Prasanna Purple Mobility Solutions and furthers the company's wider aim of making zero-emission public transport accessible in Indian cities and towns. Linking key Vidarbha centres, the service is expected to ease daily commutes, boost local economic activity and speed the move towards cleaner intercity mobility. The EiV12m coach, engineered for long-distance journeys, pairs 45 pushback seats and a 350 km per-charge range with fast-charging capability, advanced safety systems, a quiet ride and SWITCH iON connected technology for real-time monitoring.
Ganesh Mani, Chief Executive Officer, SWITCH Mobility, said, “Nagpur and Chandrapur share a close economic and cultural relationship, and strengthening this corridor with our partner Prasanna Purple Mobility Solutions is an important step in our mission to build future-ready public transport across India. Following our deployment on the Mumbai–Pune route earlier this year, we are glad to extend this partnership to Vidarbha and to contribute to the region’s growth by supporting the everyday movement of the people who depend on it. This launch reaffirms our commitment to sustainable, people-first mobility solutions in Maharashtra and beyond.”
Saurabh Patwadhan, Director, PURPLE BUS, said, “At PURPLE BUS, our goal is to make electric the default way people travel between cities, not the exception. We are building that future route by route, from Mumbai–Pune, one of India’s busiest corridors, to Nagpur–Chandrapur, where we now bring Vidarbha its first electric bus service. Our fleet has already covered more than one million kilometres (1,000,000 km) in electric intercity operations, and the data shows what many operators doubted: electric coaches deliver a lower total cost of ownership and a lower cost per passenger-kilometre than diesel. Our partnership with SWITCH Mobility has been central to proving that, and it gives us the confidence to scale sustainable intercity mobility across Maharashtra.”
Scania Opens New SEK 975 Million R&D Proving Ground In Södertälje
- By MT Bureau
- October 20, 2026
European commercial vehicle major Scania has inaugurated its research and development proving ground in Södertälje, representing an investment of SEK 975 million. The 85-hectare site includes 13 kilometres of paved road and 4 kilometres of gravel road to support testing across electrification, autonomous driving, safety systems and vehicle dynamics.
The facility incorporates three irrigated braking tracks constructed from asphalt, concrete and basalt tiles, enabling testing across varied friction surfaces and cornering conditions. The site also features specialised environments for evaluating driver assistance technology, including automatic emergency braking, lane support and blind-spot warning systems, alongside scenarios for autonomous vehicle development. The construction project integrated environmental measures, including ECO asphalt and renewable HVO100 fuel for logistics, avoiding approximately 30,900 tonnes of carbon dioxide equivalent emissions.
Christian Levin, President and CEO, TRATON GROUP and Scania, said, "The transformation of transport requires us to continuously strengthen the way we develop and validate new technologies. This investment is about building the capabilities we need for the future while ensuring that the solutions we bring to our customers have the safety, quality and performance they expect."
Sara Forsberg, CTO and Head of Brand Identity Development at Scania, said, "New technology only creates value when it performs in the real world. The R&D proving ground gives our engineers greater possibilities to test, learn and validate solutions under demanding conditions. It strengthens our ability to turn innovation into solutions that deliver real value for our customers."
Niklas Klingenberg, Head of Group R&D, TRATON GROUP, said, "Advanced testing and validation capabilities become increasingly necessary as we develop the next generation of transport solutions. The R&D Proving Ground is an important addition to our landscape and strengthens our ability to turn new technologies into proven solutions."
Eicher Trucks & Buses Opens Pro X Small Commercial Vehicle Dealership In Noida
- By MT Bureau
- October 19, 2026
Eicher Trucks & Buses, a division of VE Commercial Vehicles, has inaugurated a 3S dealership facility in Noida for its Eicher Pro X small truck range. Operated by Punjab Mobility, the 7,000-square-foot facility is located on NH-34 at Dadri in Gautam Buddh Nagar, providing integrated sales, service and spare parts support.
The showroom will sell the 3-tonne and 3.5-tonne Gross Vehicle Weight range of small commercial vehicles across electric, diesel and compressed natural gas powertrain options.
The location provides access to industrial and logistics hubs across Noida, Greater Noida and the Dadri region, including the Multi-Modal Logistics Hub and the Dadri-Noida-Ghaziabad Industrial Region, with transport connectivity via the Eastern Peripheral Expressway, the Delhi-Meerut Expressway and the Yamuna Expressway.
Abhishek Chaudhary, Senior Vice-President of SCV Sales & Marketing, VE Commercial Vehicles, said, "The Eicher Pro X range is designed for the evolving needs of last-mile logistics, with a strong focus on efficiency, connectivity, driver comfort and uptime. With three energy-efficient powertrains, 100% connected technology and multiple configuration options, it is engineered for applications including e-commerce, parcel courier, FMCG and industrial goods movement. Punjab Mobility Private Limited’s presence strengthens our presence in Noida and brings the Pro X range and enhanced ownership support closer to customers across the Delhi-NCR region. Born electric-first, the Eicher Pro X offers customers in the NCR the opportunity to switch to electric trucks that are approved under the PARIVARTAN scheme."
The dealership infrastructure features digital vehicle configurators, dedicated workshop bays, electric vehicle charging infrastructure and EV-trained service personnel. To support vehicle uptime across the National Capital Region, the facility operates mobile service vans and breakdown assistance units alongside power backup systems.
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