Ashok Leyland, part of the Hinduja Group, achieved its highest ever Q1 commercial vehicle (CV) volumes with 43,893 units, up from 41,329 units last year. This led to record Q1 revenue of ₹8,599 crore, up from ₹8,189 crore. The company also reported its highest EBITDA of ₹911 crore and PBT of ₹701 crore.
The company’s domestic MHCV volume grew by 8%, with a market share of 30.7%. Bus market share increased to 33.3%. Domestic LCV volume was 15,345 units, up 4% from last year’s 14,821 units. Export volume was 2,324 units, a 5% increase from 2,222 units last year.
EBITDA margin improved to 10.6% from 10.0% last year. The net debt to equity ratio was 0.1 at the end of Q1 FY25. All business units, including Power Solutions, Aftermarket, Defence, and International Operations, contributed to strong top-line growth. Product and network expansion helped boost revenue and market share.
Chairman Dheeraj Hinduja said, “The industry continues to grow, contrary to early year expectations. Q1 volumes matched previous peaks from Q1 FY19. Ashok Leyland exceeded expectations with excellent results and cost control. Through our EV subsidiary, Switch Mobility, we are ready for the growing EV market. The launch of IeV3 this month will strengthen our position.”
Managing Director & CEO Shenu Agarwal added, “Revenue growth and efficient cost management have significantly improved our bottom line. Non-CV businesses have also grown. We aim for mid-teen EBITDA in the medium term as we invest in future technologies.”
Ashok Leyland is a leading Indian commercial vehicle manufacturer, known for its innovative products and strong market presence. The company is committed to growth and sustainability in the automotive sector.
