Ashok Leyland Q4 results: Net profit up 17% at ₹933 crore, dividend declared

Hinduja group flagship Ashok Leyland Ltd on Friday, May 24, reported a 16.73% year-on-year rise in consolidated profit after tax (PAT) to ₹933.69 crore for the March quarter of FY 2023-24 compared to ₹799.87 crore in the year-ago period.

The company’s consolidated revenue from operations increased to ₹13,577.58 crore in the last quarter of FY24 from ₹13,202.55 crore in Q4FY23, according to an exchange filing by Ashok Leyland.

Total expenses were marginally down at ₹12,037.16 crore in the quarter compared to ₹12,085.5 crore in the same period of the previous year.

FY24 PAT jumped around 98%

The commercial vehicle manufacturer reported a sharp 98% jump in profit after tax to ₹2,696.34 crore for the entire financial year 2023-24 compared to ₹1,358.82 crore in the previous year.

Consolidated revenue from operations rose nearly 10% to ₹45,791 crore in FY 2023-24 compared to ₹41,672.6 crore in the preceding financial year.

The company in a statement said that the financial results were bolstered by an all-round performance and contributions from all business verticals.

The company’s total commercial vehicle sales volumes stood at 1,94,553 units in FY24.

"FY24 has been a strong year for us. Whether it is revenues, EBITDA margins or profits, we have achieved all-time high numbers," Ashok Leyland Managing Director and CEO Shenu Agarwal said in a release.

Ashok Leyland declares interim dividend

The company informed the stock exchanges that its Board recommended an interim dividend of ₹4.95 per equity share of Re 1 each, for the year ended March 31, 2024.

K M Balaji appointed CFO from June 1

The Hinduja group company also announced the appointment of K M Balaji as its Chief Financial Officer with effect from 1st June 2024. Balaji, who is deputy CFO currently has held a distinguished career with Ashok Leyland for over 31 years, the company said.

Shares of Ashok Leyland were trading 0.73% lower at ₹210.8 apiece on the NSE at 2:35 pm.