Ashok Leyland's Q2 profit grows 220% YoY to Rs. 526cr
In a stellar second-quarter performance, Ashok Leyland Ltd, one of India's leading commercial vehicle manufacturers, reported a huge surge in net profit. The company's consolidated net profit for Q2 FY24 stood at Rs. 526 crore, marking a 220% increase from Rs. 163.91 crore in the same period last year, as revealed in the exchange filing on November 9.
19% growth in revenue, 83% growth in EBITDA
In Q2 FY24, Ashok Leyland witnessed 19% YoY growth in consolidated revenue, reaching Rs. 11,429 crore. Earnings before interest, taxes, depreciation, and amortization (EBITDA) showed impressive growth, rising by 83% to Rs. 1,871 crore. Also, the EBITDA margin improved to 16.37%, compared to 10.62% in the previous year. Net debt at the end of the quarter stood at Rs. 1,139 crore with a debt-to-equity ratio of 0.1.
Management confident on strong growth in H2 FY24
Dheeraj Hinduja, Executive Chairman, Ashok Leyland, said, "The industry continues to post strong growth, on the back of strong macroeconomic factors and we are confident that FY' 24 will see further growth in the second half as well." Shares of Ashok Leyland on November 9 ended 1.82% lower at Rs. 170.40 apiece on the National Stock Exchange. The stock has risen 14.73% on a year-to-date (YTD) basis.
