Ashok Leyland, the home-grown commercial vehicle manufacturer has announced achieving a revenue of ₹ 7,113.16 crore ( ₹ 71 billion) in the third quarter (Q3) of the 2017-18 fiscal year. With this, the automaker managed to achieve a robust 58 per cent growth last quarter against ₹ 4,516.29 crore (excluding excise duty) during the same period last year. Ashok Leyland's export volumes, on the other hand, grew by 46 per cent to 4,289 vehicles in the third quarter of the 2017-18 financial year.
Commenting on the company's performance, Vinod K. Dasari, Managing Director, Ashok Leyland said, "It has been an overwhelming performance and our robust growth exemplifies the technological leadership of Ashok Leyland. This quarter saw the successful launch of 3718 Plus, and the unitized wheel bearings, another industry-first from Ashok Leyland. With the opening of our office in Ivory Coast, we have expanded our growing global reach. We had launched the digital marketplace to support the rapidly growing network of customers and we have seen an excellent response from the market for this initiative."
Ashok Leyland's net profit in went up by 178 per cent to ₹ 449.71 crore, compared to the ₹ 161.72 crore profit made during the same period last year. The company's sales from the Medium and Heavy Commercial Vehicles (M&HCV) segment in the domestic market went up by 41 per cent. On the other hand, volume for Light Commercial Vehicles (LCV) during the Q3 of FY 2017-18 accounted for 10,926 units against the 7,554 units manufactured during the same period last year, registering an increase of 45 per cent.
Gopal Mahadevan, CFO, Ashok Leyland, added, "This has been another quarter of consistent performance from Ashok Leyland. The thrust to introduce new products, expand the network, connect with customers and deliver superior solutions should help us pursue profitable growth. Our working capital position continues to be very healthy and our focus on cost would continue".
Between April to December 2017, Ashok Leyland's revenue increased by 30 per cent to ₹ 17397.84 crore as against ₹ 13400.77 crore (excluding excise duty), from the same period last year. Net profit during this period stood at ₹ 895.20 crore as against ₹ 746.91 crore, achieved during the same period in last fiscal year.
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