Ashok Leyland Reports Decline in Net Profit for Q1 2023

Ashok Leyland, the Hinduja Group flagship, reported a 17% year-on-year (YoY) drop in net profit for the quarter ended March 2023 to Rs 751.41 crore, despite a rise in revenue. Total revenue from operations increased nearly 33% YoY to Rs 11,626 crore.

The company's board has recommended a dividend of Rs 1 per share for the fiscal year 2022-23.

Ashok Leyland said the decline in net profit was due to higher input costs, including steel, aluminium, and copper. The company also said that it had to increase prices to offset the rising costs, which led to a decline in volumes.

Despite the challenges, Ashok Leyland said it is confident of achieving its growth targets for the current fiscal year. The company said it is focused on increasing its market share in the domestic market and expanding its presence in the export markets.

Ashok Leyland is the second-largest commercial vehicle manufacturer in India. The company has a strong presence in the medium and heavy commercial vehicle segments. It also has a presence in the light commercial vehicle segment through its joint venture with Nissan Motor.

The company's performance in the fourth quarter was impacted by the rising input costs and the decline in volumes. However, Ashok Leyland is confident of achieving its growth targets for the current fiscal year. The company is focused on increasing its market share in the domestic market and expanding its presence in the export markets.