For
the quarter ending June 2022, consolidated net sales (including other operating income) of Ashok Leyland has increased 107.20% to Rs 8470.23 crore compared to quarter ended june 2021. Sales of Commercial Vehicle segment has gone up 130.65% to Rs 7,634.71 crore (accounting for 90.14% of total sales). Sales of Financial Service segment has gone up 7.35% to Rs 835.56 crore (accounting for 9.86% of total sales). Inter-segment sales came down from Rs 0.57 crore to Rs 0.04 crore. PBIT of Commercial Vehicle reported profit of Rs 44.39 crore compared to loss of Rs 370.94 crore. PBIT of Financial Service segment rose 11.52% to Rs 125.58 crore (accounting for 73.88% of total PBIT).
PBIT margin of Commercial Vehicle segment rose from negative 11.21% to 0.58%. PBIT margin of Financial Service segment rose from 14.47% to 15.03%. Overall PBIT margin rose from 6.32% to 2.01%.
Operating profit margin has jumped from 8.25% to 9.10%, leading to 128.43% rise in operating profit to Rs 770.47 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 56.26% to 69.98%. Purchase of finished goods cost fell from 5.14% to 2.87%. Employee cost decreased from 14.45% to 7.60%. Other expenses fell from 16.50% to 11.21%. Other income rose 90.57% to Rs 29.31 crore. PBIDT rose 126.78% to Rs 799.78 crore. Provision for interest rose 1.10% to Rs 466.89 crore.
PBDT stood at Rs 332.89 crore compared to loss of Rs 109.13 crore. Provision for depreciation rose 0.46% to Rs 212.4 crore.
Profit before tax reported profit of Rs 120.49 crore compared to loss of Rs 320.55 crore. Share of profit/loss was 40.71% higher at Rs -0.83 crore. Extraordinary items were decreased to Rs -23.88 crore. Provision for tax was debit of Rs 73.84 crore, compared to credit of Rs 71.45 crore. Effective tax rate was 77.09% compared to 22.08%.
Minority interest decreased 23.39% to Rs 16.61 crore. Promoters’ stake was 51.12% as of 30 June 2022 ,compared to 51.12% as of 30 June 2021 . Promoters pledged stake was 19.04% as of 30 June 2022 ,compared to 14.44% as of 30 June 2021 .
Full year results analysis.
Net sales (including other operating income) of Ashok Leyland has increased 34.87% to Rs 26237.15 crore. Sales of Commercial Vehicle segment has gone up 41.16% to Rs 23,021.03 crore (accounting for 87.74% of total sales). Sales of Financial Service segment has gone up 2.21% to Rs 3,216.92 crore (accounting for 12.26% of total sales). Inter-segment sales came down from Rs 1.25 crore to Rs 0.80 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 495.61% to Rs 365.17 crore. PBIT of Commercial Vehicle segment rose 77.80% to Rs -82.46 crore (accounting for -22.58% of total PBIT). PBIT of Financial Service segment rose 3.46% to Rs 447.63 crore (accounting for 122.58% of total PBIT).
PBIT margin of Commercial Vehicle segment rose from negative 2.28% to negative 0.36%. PBIT margin of Financial Service segment rose from 13.75% to 13.91%. Overall PBIT margin rose from 0.32% to 1.39%.
Operating profit margin has declined from 12.66% to 10.54%, leading to 12.30% rise in operating profit to Rs 2,765.24 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 58.89% to 63.46%. Purchase of finished goods cost fell from 4.04% to 3.61%. Employee cost decreased from 10.81% to 9.99%. Other expenses fell from 13.94% to 12.38%. Other income fell 33.81% to Rs 86.81 crore. PBIDT rose 9.96% to Rs 2852.05 crore. Provision for interest fell 1.66% to Rs 1869.05 crore. Loan funds rose to Rs 24,145.02 crore as of 31 March 2022 from Rs 24,077.17 crore as of 31 March 2021. Inventories rose to Rs 2,540.55 crore as of 31 March 2022 from Rs 2,495.85 crore as of 31 March 2021. Sundry debtors were higher at Rs 3,278.76 crore as of 31 March 2022 compared to Rs 3,020.91 crore as of 31 March 2021. Cash and bank balance rose to Rs 2,099.44 crore as of 31 March 2022 from Rs 1,778.53 crore as of 31 March 2021. Investments rose to Rs 2,652.12 crore as of 31 March 2022 from Rs 1,095.63 crore as of 31 March 2021 .
PBDT rose 41.86% to Rs 983 crore. Provision for depreciation rose 3.63% to Rs 865.96 crore. Fixed assets declined from Rs 7,578.99 crore as of 31 March 2021 to Rs 5,883.82 crore as of 31 March 2022. Intangible assets increased from Rs 1,240.77 crore to Rs 2,250.77 crore.
Profit before tax reported profit of Rs 117.04 crore compared to loss of Rs 142.66 crore. Provision for tax was expense of Rs 85.86 crore, compared to Rs 2.52 crore. Effective tax rate was negative 43.02% compared to negative 3.76%.
Minority interest decreased 23.50% to Rs 73.16 crore. Net profit attributable to owners of the company decreased 117.04% to Rs -358.61 crore.
Equity capital stood at Rs 293.55 crore as of 31 March 2022 to Rs 293.55 crore as of 31 March 2021. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 51.12% as of 31 March 2022 ,compared to 51.12% as of 31 March 2021 . Promoters pledged stake was 17.84% as of 31 March 2022 ,compared to 17.62% as of 31 March 2021 .
Cash flow from operating activities has turned positive Rs 2,844.56 crore for year ended March 2022 from negative Rs 1,065.13 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 508.72 crore, compared to Rs 751.67 crore during the year ended March 2021.
Other Highlights
In
Q1 FY23, Ashok Leyland`s domestic MHCV volume grew at 189 % and market share
grew from 27% to 30%. Truck market share was at 31.1% for Q1 FY23 as against
26.2% last year.
The
Company’s domestic LCV volume in Q1 FY23 was 14384 units which is 66 % higher than
Q1 of last year (8,690 units). Export volume (MHCV & LCV) for Q1 FY23 was
2527 units which is higher than same period last year by 76% (1437 units).