Latest financial report for Ashok Leyland, where the standalone net profit surged by 60.5% Year-over-Year (YoY) to ₹580 crore in the third quarter of the fiscal year 2023-2024. Additionally, the revenue witnessed a growth of 2.7% YoY, reaching ₹9,273 crore during the same period.
Ashok Leyland Q3 FY24 Highlights
The commercial vehicle segment experienced a remarkable 60.5% Year-over-Year (YoY) surge in standalone net profit, reaching ₹580 crore for the quarter ending December in FY 23-24. This is compared to a net profit of ₹361.34 crore in the same period last year. Additionally, the company’s standalone net revenue saw a 2.7% YoY increase, reaching ₹9,273 crore compared to ₹9,029.7 crore in the corresponding period last year.
Ashok Leyland has recently introduced its 14-tonne Boss electric truck, which operates on a 200-kWh battery pack. Additionally, the company is gearing up to launch a 55-tonne electric tractor-trailer for long-haul transportation, scheduled to be released in the coming months, according to Shenu Agarwal, Managing Director of Ashok Leyland.
The company is nearing the completion of trials for the 55-tonne electric tractor-trailer, with a focus on targeting niche applications for its electric medium and heavy commercial vehicles. Furthermore, Ashok Leyland plans to unveil a new range of electric buses under its EV arm, Switch Mobility.
Switch Mobility is poised to begin delivering its electric small trucks to customers within the next few months. These battery-powered small trucks, named IeV3 and IeV4, with payload capacities of 1.2 tonnes and 1.7 tonnes respectively, were launched last year. Switch Mobility has already secured contracts with various companies for the supply of approximately 13,000 units.
Initially, the electric pick-up trucks will be supplied to the B2B segment, including e-commerce players, with charging infrastructure set up within their premises. However, supplying these trucks to retail customers may take time as the public charging infrastructure in the country evolves.
Dheeraj Hinduja, Executive Chairman of Ashok Leyland, emphasized the significant demand from large e-commerce and logistics companies for electric pick-up trucks. He also discussed Switch Mobility’s approach in the e-bus segment, focusing on viable rates and secure payment mechanisms for long-term contracts.
Ashok Leyland continues to dominate the diesel segment, holding one-third of the market share in the medium and heavy-duty market. Notably, its bus volumes surged by 68% in Q3FY24, outpacing the industry growth of 38%. Additionally, the company boasts a robust order book in the diesel bus segment.