Ashok Leyland Posts 101% Profit Growth in First Quarter of FY17
Published On Jul 22, 2016
Hinduja group’s flagship auto maker Ashok Leyland has been bullish on the sales in the first quarter of the current fiscal year 2016-17. The company has posted a staggering 101 percent hike in the profits in comparison to the last fiscal year’s first quarter earnings. Ashok Leyland managed to earn INR 290.78 crore from the sales corresponding to the INR 144.50 crore in the Q1 of last year. The revenue, however, grew marginally by 10 percent only.
The revenue stood at INR 4258.8 crore for Q1 FY17 compared to INR 3883.13 crore during the same time last year. Ashok Leyland’s M&HCV sales also clocked an all-time high number of 22,061 and it has got order of 3,600 buses from the various state transport unions, which are to be fulfilled in the current year. The company showed more growth with 18.5 percent against the industry’s 14.5 percent.
Ecstatic with the performance, Mr. Vinod K Dasari, Managing Director, Ashok Leyland Limited, said, “We recorded a domestic volume growth of 18.5% as against the industry growth of 14.5%. I am happy to note that we continue to outperform the industry.” He further added, “Our initiatives on network development, operational efficiency, talent development, and new products continue. Key export markets were down in Q 1 but are expected to bounce back in Q2 and beyond.”
About Ashok Leyland
Ashok Leyland has been a marquee CV maker in the Indian CV industry and holds the number two position after Tata Motors. While its major business segment is M&HCV, the heavy duty bus segment is also covered by the auto maker. It has strong foothold in the African and South East Asian countries too with Kenya being selected as its first assembly plant location in the African continent.