Ashok Leyland Q2 net more than doubles to ₹561 cr.

Ashok Leyland Ltd., (ALL) standalone net profit for the September quarter grew almost threefold over the year ago period to ₹561 crore.

Ashok Leyland Ltd. (ALL) standalone net profit for the September quarter grew almost threefold over the year earlier period to ₹561 crore.

Revenue from operations rose to ₹9,638 crore from ₹8,266 crore, while cost of materials increased to ₹6,992 crore from ₹5,832 crore, the bus and truck manufacturer said.

The results included an exceptional loss of ₹23 crore pertaining to impairment loss and write-off of intangible assets under development.

“We continue to see strong demand in all segments of trucks and passenger vehicles. The industry continues to post strong growth on the back of strong macroeconomic factors and we are confident that FY24 will see further growth in the second half as well,” said executive chairman Dheeraj Hinduja.

“While International business globally is challenged owing to the conflicts across the globe, we are intensifying our expansion strategy in our focus markets of Middle East, Africa and Asia,” he said.

On Thursday, the board approved infusion of ₹1,200 crore in Switch Mobility as equity through its holding company Optare PLC UK. It will be done over the next few months in one or more tranches.

The funds will be used for capital expenditure, R&D and meeting operational requirements both in U.K. and India.