Profit before exceptional items and tax stood at Rs 1,471.09 crore in Q4 FY24, up 37.73% from Rs 1,068.08 crore posted in corresponding quarter previous year. The firm reported exceptional loss of Rs 69.66 crore during the fourth quarter of FY24.
EBITDA stood at Rs 1,592 crore in Q4 FY24, registering the growth of 24.76% as compared with Rs 1,276 crore in Q4 FY23. During the quarter, EBITDA margin improved to 14.1% as against 11% in Q4 FY23.
On full year basis, the company's consolidated net profit surged 89.68% to Rs 2,617.87 crore on 6.15% increase in revenue from operations to Rs 38,367.03 crore in FY24 over FY23.
The results were backed by an all-round performance with contributions from all business verticals. In the M&HCV Bus segment, Overall CV volumes at 194,553 units were very close to the previous high of 197,366. LCV Volumes in the 2-3.5T category were maintained despite the industry witnessing a reduction in volumes.
Export volumes for the year grew 5% despite challenging conditions in target markets. The Power Solutions and Defence businesses also posted impressive growth.
During the year, the company opened 246 new outlets across the country.
Dheeraj Hinduja, executive chairman, Ashok Leyland, said, “What makes this achievement significant is that it is coming in a year when we are celebrating our 75th year anniversary. We continue to be optimistic about our industry prospects in the short to medium terms backed by anticipated robust growth in the Indian economy. We are confident that we will continue to maintain sustainable and profitable growth year after year through our unwavering pursuit on delivering differentiated products and providing best-in-class customer satisfaction.”
Shenu Agarwal, managing director & CEO, Ashok Leyland, added, “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 product portfolio is very robust, and our future pipeline is strong. We are confident that our product superiority and our expanding reach will help us to further improve our market share as well as our price realizations. Our team continues to relentlessly focus on cost management initiatives.”
Ashok Leyland is engaged in manufacture and sale of a wide range of commercial vehicles. The company also manufactures engines for industrial and marine applications, forgings and castings.
Shares of Ashok Leyland were lower by 0.16% to Rs 212.05 on the BSE. The scrip hit an all-time high at Rs 219.50 in intraday today.