For
the quarter ending sept 2022, consolidated Net sales (including other operating income) of Ashok Leyland has increased 72.59% to Rs 9600.08 crore compared to quarter ended sept 2021. Sales of Commercial Vehicle segment has gone up 82.51% to Rs 8,738.12 crore (accounting for 91.02% of total sales). Sales of Financial Service segment has gone up 11.31% to Rs 862.42 crore (accounting for 8.98% of total sales). PBIT of Commercial Vehicle reported profit of Rs 250.18 crore compared to loss of Rs 135.77 crore. PBIT of Financial Service segment rose 26.10% to Rs 153.51 crore (accounting for 38.03% of total PBIT).
PBIT margin of Commercial Vehicle segment rose from negative 2.84% to 2.86%. PBIT margin of Financial Service segment rose from 15.71% to 17.80%. Overall PBIT margin rose from 0.25% to 4.20%.
Operating profit margin has jumped from 10.35% to 10.63%, leading to 77.11% rise in operating profit to Rs 1,020.04 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 60.70% to 65.85%. Purchase of finished goods cost fell from 3.74% to 2.94%. Employee cost decreased from 11.90% to 8.61%. Other expenses fell from 12.78% to 11.59%. Other income fell 17.35% to Rs 20.2 crore. PBIDT rose 73.26% to Rs 1040.24 crore. Provision for interest rose 4.29% to Rs 499.29 crore. Loan funds rose to Rs 26,893.34 crore as of 30 September 2022 from Rs 25,084.22 crore as of 30 September 2021. Inventories rose to Rs 3,189.14 crore as of 30 September 2022 from Rs 2,439.61 crore as of 30 September 2021. Sundry debtors were higher at Rs 3,723.44 crore as of 30 September 2022 compared to Rs 2,092.04 crore as of 30 September 2021. Cash and bank balance declined from Rs 1,721.75 crore as of 30 September 2021 to Rs 1,463.49 crore as of 30 September 2022. Investments rose to Rs 2,228.08 crore as of 30 September 2022 from Rs 2,098.35 crore as of 30 September 2021 .
PBDT rose 344.68% to Rs 540.95 crore. Provision for depreciation rose 0.82% to Rs 208.64 crore. Fixed assets increased to Rs 7,044.87 crore as of 30 September 2022 from Rs 6,072.69 crore as of 30 September 2021. Intangible assets declined from Rs 2,497.10 crore to Rs 1,031.83 crore.
Profit before tax reported profit of Rs 332.31 crore compared to loss of Rs 85.29 crore. Share of profit/loss was 198.65% higher at Rs 2.21 crore. Extraordinary items were increased to Rs 9.72 crore. Provision for tax was debit of Rs 158.44 crore, compared to credit of Rs 0.77 crore. Effective tax rate was 46.03% compared to 0.91%.
Minority interest increased 10.11% to Rs 21.89 crore. Equity capital stood at Rs 293.55 crore as of 30 September 2022 to Rs 293.55 crore as of 30 September 2021. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 51.12% as of 30 September 2022 ,compared to 51.12% as of 30 September 2021 . Promoters pledged stake was 19.04% as of 30 September 2022 ,compared to 18.44% as of 30 September 2021 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Ashok Leyland has increased 87.25% to Rs 18070.31 crore. Sales of Commercial Vehicle segment has gone up 102.19% to Rs 16,372.83 crore (accounting for 90.60% of total sales). Sales of Financial Service segment has gone up 9.33% to Rs 1,697.98 crore (accounting for 9.40% of total sales). Inter-segment sales came down from Rs 0.57 crore to Rs 0.50 crore. PBIT of Commercial Vehicle reported profit of Rs 294.57 crore compared to loss of Rs 506.71 crore. PBIT of Financial Service segment rose 19.09% to Rs 279.09 crore (accounting for 48.65% of total PBIT).
PBIT margin of Commercial Vehicle segment rose from negative 6.26% to 1.80%. PBIT margin of Financial Service segment rose from 15.09% to 16.44%. Overall PBIT margin rose from 2.82% to 3.17%.
Operating profit margin has jumped from 9.46% to 9.91%, leading to 96.06% rise in operating profit to Rs 1,790.51 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 58.69% to 67.91%. Purchase of finished goods cost fell from 4.37% to 2.91%. Employee cost decreased from 13.06% to 8.11%. Other expenses fell from 14.47% to 11.40%. Other income rose 24.33% to Rs 49.51 crore. PBIDT rose 93.06% to Rs 1840.02 crore. Provision for interest rose 2.73% to Rs 966.18 crore. Loan funds rose to Rs 26,893.34 crore as of 30 September 2022 from Rs 25,084.22 crore as of 30 September 2021. Inventories rose to Rs 3,189.14 crore as of 30 September 2022 from Rs 2,439.61 crore as of 30 September 2021. Sundry debtors were higher at Rs 3,723.44 crore as of 30 September 2022 compared to Rs 2,092.04 crore as of 30 September 2021. Cash and bank balance declined from Rs 1,721.75 crore as of 30 September 2021 to Rs 1,463.49 crore as of 30 September 2022. Investments rose to Rs 2,228.08 crore as of 30 September 2022 from Rs 2,098.35 crore as of 30 September 2021 .
PBDT rose 6,879.55% to Rs 873.84 crore. Provision for depreciation rose 0.64% to Rs 421.04 crore. Fixed assets increased to Rs 7,044.87 crore as of 30 September 2022 from Rs 6,072.69 crore as of 30 September 2021. Intangible assets declined from Rs 2,497.10 crore to Rs 1,031.83 crore.
Profit before tax reported profit of Rs 452.80 crore compared to loss of Rs 405.84 crore. Extraordinary items were decreased to Rs -14.16 crore. Provision for tax was debit of Rs 232.28 crore, compared to credit of Rs 72.22 crore. Effective tax rate was 52.79% compared to 17.70%.Minority interest decreased 7.36% to Rs 38.50 crore.
Equity capital stood at Rs 293.55 crore as of 30 September 2022 to Rs 293.55 crore as of 30 September 2021. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 51.12% as of 30 September 2022 ,compared to 51.12% as of 30 September 2021 . Promoters pledged stake was 19.04% as of 30 September 2022 ,compared to 18.44% as of 30 September 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 2,138.16 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 7,102.76 crore as of 31 March 2022. Intangible assets declined from Rs 1,240.77 crore to Rs 1,031.83 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
Company’s
domestic LCV volumes for Q2 FY23 stood at 17040 units compared to 13328 units
in Q2 FY22 up by 28%. Export volumes (MHCV & LCV) for Q2 FY123 stood at
2780 units, up 25% YoY.