Ashok Leyland, the flagship company of the Hinduja group, said on Thursday that its consolidated net profit for the June 2024 quarter dropped by 6% year over year to Rs 509 crore. In the April–June quarter of the preceding fiscal year, the firm reported a net profit of Rs 544 crore.
As per Ashok Leyland's regulatory filing, total income rose to Rs 10,754 crore in the first quarter from Rs 9,735 crore in the same time last year.
Contrary to early projections, Dheeraj Hinduja, Chairman, Ashok Leyland stated that the commercial vehicle business is still seeing development. According to him, industry volumes for the first quarter were similar to the high of Q1FY19.
"The company's Q1 performance has beaten all expectations, we have been able to post excellent results with focused market performance while reining in costs," Hinduja said. He said, "With Switch Mobility, the company is prepared to take part in the expanding EV market with a clear road map."
According to Shenu Agarwal, Managing Director & Chief Executive Officer at Ashok Leyland, the company's bottom line has significantly improved, thanks to the growth in revenues and effective cost control. On the BSE, Ashok Leyland's shares ended the day slightly higher at Rs 232.50 a share.
