The company reported a 145 percent increase in YoY quarter revenues to Rs 7223 crore during Q1 FY23 as against Rs 2,951 crore in the year-earlier period
29 Jul 2022 | 3658 Views | By Shahkar Abidi
Ashok Leyland is contemplating launching another platform for light commercial vehicles, the company's top leadership said in a post-results media briefing on Friday. Gopal Mahadevan, CFO, & whole-time Director of the company said, " We are evaluating and studying it". He added that the same strategy was applied in the MHCV ...
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Ashok Leyland is contemplating launching another platform for light commercial vehicles, the company's top leadership said in a post-results media briefing on Friday. Gopal Mahadevan, CFO, & whole-time Director of the company said, " We are evaluating and studying it". He added that the same strategy was applied in the MHCV segment which had brought significant returns for the company .
Leyland has a strong product portfolio in the lighter CV segment with products such as Dost and its variants, Bada Dost and Partner, amongst others. The Bada Dost is the first product built on the global LCV platform (AL IPR). Subsequent to the phased launch in FY21, the company launched Bada-Dost pan-India in FY22. Though the company's LCV segment grew by about 12 percent to 52,222 units last year, the challenges thrown by supply chain issues including semiconductors did have an impact on its volume during the last fiscal.
Meanwhile, Leyland reported a 145 percent increase in YoY quarter revenues to Rs 7223 crores during Q1 FY23 as against Rs 2951 crore during the similar period last year when Covid19 was at its peak. In the same period, Ashok Leyland’s domestic MHCV volume grew at 189 percent and market share grew from 27 percent to 30 percent Truck market share was at 31.1 percent for Q1FY23 as against 26.2 percent last year. Likewise, in the LCV segment, the volumes were up by 66 percent to 14384 units when compared with the similar period previous year when it was 8,690 units.
Dheeraj Hinduja, Executive Chairman, Ashok Leyland, said “The industry has seen strong volume growth in Q1 FY23, and we expect this trend to continue going forward. The team is focused on market performance while reining in costs in this quarter. Our digital-first approach is helping Ashok Leyland customers increase their business efficiency and we are continuing to expand our offerings. With our robust LHD portfolio we are intensifying our international expansion strategy.”
Hinduja added that through its EV arm, Switch Mobility, “we are taking strategic steps to move towards net zero carbon mobility”. Switch Mobility is also working on an electric-powered LCV. In an interaction with Autocar Professional, Mahesh Babu said, “ We will be drafting an all-new strategy and are working one the one tonne and over category. It is important to study the market and being nimble and flexible in order that we can quickly get the right products for the end-user.”