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Informist, Friday, Nov. 8, 2024

 

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--Ashok Leyland Jul-Sept net profit INR 7.70 bln 
--Analysts saw Ashok Leyland Jul-Sept net profit INR 5.72 bln 
--Ashok Leyland Jul-Sept net profit INR 7.70 bln vs INR 5.61 bln year ago 
--Ashok Leyland Jul-Sept revenue INR 87.69 bln vs INR 96.38 bln year ago 
--Ashok Leyland to pay INR 2 per share interim dividend 
--Ashok Leyland Apr-Sept net profit INR 12.96 bln vs INR 11.37 bln year ago 
--Ashok Leyland Apr-Sept revenue INR 173.67 bln vs INR 178.27 bln year ago 
--Ashok Leyland Jul-Sept EBITDA INR 10.17 bln vs INR 10.80 bln year ago 
--Ashok Leyland:Good monsoon, govt capex to boost industry prospects Oct-Mar
--Ashok Leyland Jul-Sept EBITDA margins improved sequentially, on year
 --Ashok Leyland: On track to achieve mid-teen EBITDA in medium term 
--Ashok Leyland: One-time income INR 1.17 bln in Jul-Sept 
--Ashok Leyland Jul-Sept total expenses INR 79.88 bln vs INR 87.97 bln 
--Ashok Leyland: Intensifying expansion strategy in SAARC, West Asia mkts 
--Ashok Leyland: Continue to invest in new products with alternative fuels 
--Ashok Leyland: Continued expanding innovative pdt offerings in Jul-Sept

 

By Apratim Sarkar

 

MUMBAI – Ashok Leyland Ltd.'s net profit for the September quarter beat expectations, rising 37.3% on year due to a drop in total expenditure. The company's net profit for the quarter was INR 7.70 billion, against analysts' estimate of INR 5.72 billion. The company's on-year profit growth was the highest in the last three quarters.

 

The Chennai-based company's revenue fell 9% on year to INR 87.69 billion in the September quarter. Analysts had expected a revenue of INR 88.24 billion. The company's other income for the quarter more than doubled to INR 972.7 million from INR 474.6 million in the year-ago quarter. The company saw a one-time income of INR 1.17 billion in Jul-Sept. 

 

The company's total expenditure was INR 79.87 billion, down 9.2% from INR 87.97 billion in the year-ago quarter. Cost of materials for the quarter fell 17.4% on year to INR 57.73 billion. The company's finance cost for the September quarter was INR 606.8 million, up 3.4% from INR 587.1 million in the year-ago quarter. Depreciation and amortisation cost for the quarter was INR 1.75 billion, down 2.7% from a year ago. 

 

In the September quarter, the company spent INR 5.99 billion on employee benefits, up from INR 5.73 billion in the year-ago quarter. Other expenses increased to INR 9.12 billion from INR 8.99 billion a year ago. The company's tax outgo for the latest quarter was INR 3.08 billion, against INR 3.02 billion a year ago. Deferred tax credit in the September quarter was INR 828 million, against a tax charge of INR 22 million a year ago. The company will pay interim dividend of INR 2 per share.

 

For Apr-Sept, the company's net profit was INR 12.96 billion, up 14% from INR 11.37 billion in the year-ago period. The company's revenue for the first six months of the current financial year was INR 173.67 billion, down 2.6% on year from INR 178.27 billion.

 

For the September quarter, the company's earnings before interest, tax, depreciation, and ammortisation was INR 10.17 billion, down 5.8% from INR 10.80 billion in the year-ago quarter, but EBITDA rose 11.6% sequentially. The company said in a press release that its Jul-Sept EBITDA margin had improved sequentially and on year, and it is on track to achieve mid-teen EBITDA in the medium term.

 

The company's revenue from the commercial vehicle segment in the latest quarter was INR 96.81 billion, down 6.4% on year. Revenue from the financial services segment, including interest income, was INR 14.67 billion, up 31.1% from the year-ago quarter. For Apr-Sept, the company's revenue from the commercial vehicle segment was INR 189.83 billion, marginally up from INR 189.56 billion in the year-ago period.

 

Ashok Leyland said a good monsoon and government capital expenditure would boost industry prospects in Oct-Mar. The company is also intensifying its expansion strategy in the South Asian Association for Regional Cooperation countries and West Asian markets. The company will also continue to invest in new products with alternative fuels. The company continued to expand its innovative product offerings in the latest quarter by launching new products in the tipper, bus, haulage, and light commercial vehicles segments. 

 

At 1503 IST, shares of the company were at INR 221.60 on the National Stock Exchange, up 2.6%.  End

 

Edited by Avishek Dutta

 

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