For
the quarter ending Sept 2023, consolidated Net sales (including other operating income) of Ashok Leyland has increased 19.05% to Rs 11429.04 crore compared to quarter ended Sept 2022. Sales of Commercial Vehicle segment has gone up 17.86% to Rs 10,298.56 crore (accounting for 90.10% of total sales). Sales of Financial Service segment has gone up 31.18% to Rs 1,131.33 crore (accounting for 9.90% of total sales). Inter-segment sales rose Rs 0.46 crore to Rs 0.85 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 156.30% to Rs 1,034.66 crore. PBIT of Commercial Vehicle segment rose 240.92% to Rs 852.92 crore (accounting for 82.43% of total PBIT). PBIT of Financial Service segment rose 18.39% to Rs 181.74 crore (accounting for 17.57% of total PBIT).
PBIT margin of Commercial Vehicle segment rose from 2.86% to 8.28%. PBIT margin of Financial Service segment fell from 17.80% to 16.06%. Overall PBIT margin rose from 4.20% to 9.05%.
Operating profit margin has jumped from 10.63% to 16.37%, leading to 83.37% rise in operating profit to Rs 1,870.43 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 65.85% to 62.51%. Purchase of finished goods cost rose from 2.94% to 3.12%. Employee cost decreased from 8.61% to 8.03%. Other expenses fell from 11.59% to 10.25%. Other income rose 68.27% to Rs 33.99 crore. PBIDT rose 83.08% to Rs 1904.42 crore. Provision for interest rose 43.22% to Rs 715.07 crore. Loan funds rose to Rs 34,391.62 crore as of 30 September 2023 from Rs 26,893.34 crore as of 30 September 2022. Inventories rose to Rs 3,984.46 crore as of 30 September 2023 from Rs 3,189.14 crore as of 30 September 2022. Sundry debtors were higher at Rs 4,490.63 crore as of 30 September 2023 compared to Rs 3,723.44 crore as of 30 September 2022. Cash and bank balance rose to Rs 2,403.79 crore as of 30 September 2023 from Rs 1,463.49 crore as of 30 September 2022. Investments rose to Rs 3,169.97 crore as of 30 September 2023 from Rs 2,228.08 crore as of 30 September 2022 .
PBDT rose 119.86% to Rs 1189.35 crore. Provision for depreciation rose 8.61% to Rs 226.61 crore. Fixed assets increased to Rs 5,951.76 crore as of 30 September 2023 from Rs 5,851.91 crore as of 30 September 2022. Intangible assets increased from Rs 2,224.79 crore to Rs 2,446.97 crore.
Profit before tax grew 189.71% to Rs 962.74 crore. Share of profit/loss was 33.94% higher at Rs 2.96 crore. Provision for tax was expense of Rs 358 crore, compared to Rs 158.44 crore. Effective tax rate was 38.61% compared to 46.03%.
Minority interest increased 97.81% to Rs 43.30 crore. Net profit attributable to owners of the company increased 220.91% to Rs 526.01 crore. Equity capital increased from Rs 293.55 crore as of 30 September 2022 to Rs 293.61 crore as of 30 September 2023. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 51.11% as of 30 September 2023 ,compared to 51.12% as of 30 September 2022 . Promoters pledged stake was 15.04% as of 30 September 2023 ,compared to 19.04% as of 30 September 2022 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Ashok Leyland has increased 16.88% to Rs 21120.36 crore. Sales of Commercial Vehicle segment has gone up 15.78% to Rs 18,955.75 crore (accounting for 89.75% of total sales). Sales of Financial Service segment has gone up 27.56% to Rs 2,166.02 crore (accounting for 10.25% of total sales). Inter-segment sales rose Rs 0.50 crore to Rs 1.41 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 208.70% to Rs 1,770.91 crore. PBIT of Commercial Vehicle segment rose 380.85% to Rs 1,416.43 crore (accounting for 79.98% of total PBIT). PBIT of Financial Service segment rose 27.01% to Rs 354.48 crore (accounting for 20.02% of total PBIT).
PBIT margin of Commercial Vehicle segment rose from 1.80% to 7.47%. PBIT margin of Financial Service segment fell from 16.44% to 16.37%. Overall PBIT margin rose from 3.17% to 8.38%.
Operating profit margin has jumped from 9.91% to 16%, leading to 88.72% rise in operating profit to Rs 3,379.07 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 67.91% to 62.16%. Purchase of finished goods cost rose from 2.91% to 3.38%. Employee cost increased from 8.11% to 8.29%. Other expenses fell from 11.40% to 10.52%. Other income rose 57.79% to Rs 78.12 crore. PBIDT rose 87.89% to Rs 3457.19 crore. Provision for interest rose 41.83% to Rs 1370.29 crore. Loan funds rose to Rs 34,391.62 crore as of 30 September 2023 from Rs 26,893.34 crore as of 30 September 2022. Inventories rose to Rs 3,984.46 crore as of 30 September 2023 from Rs 3,189.14 crore as of 30 September 2022. Sundry debtors were higher at Rs 4,490.63 crore as of 30 September 2023 compared to Rs 3,723.44 crore as of 30 September 2022. Cash and bank balance rose to Rs 2,403.79 crore as of 30 September 2023 from Rs 1,463.49 crore as of 30 September 2022. Investments rose to Rs 3,169.97 crore as of 30 September 2023 from Rs 2,228.08 crore as of 30 September 2022 .
PBDT rose 138.82% to Rs 2086.9 crore. Provision for depreciation rose 7.71% to Rs 453.5 crore. Fixed assets increased to Rs 5,951.76 crore as of 30 September 2023 from Rs 5,851.91 crore as of 30 September 2022. Intangible assets increased from Rs 2,224.79 crore to Rs 2,446.97 crore.
Profit before tax grew 260.73% to Rs 1,633.40 crore. Share of profit/loss was 226.09% higher at Rs 4.5 crore. Extraordinary items were decreased to Rs -31.23 crore. Provision for tax was expense of Rs 452.87 crore, compared to Rs 232.28 crore. Effective tax rate was 28.19% compared to 52.79%.Minority interest increased 117.92% to Rs 83.90 crore. Net profit attributable to owners of the company increased 532.18% to Rs 1,069.90 crore.
Equity capital increased from Rs 293.55 crore as of 30 September 2022 to Rs 293.61 crore as of 30 September 2023. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 51.11% as of 30 September 2023 ,compared to 51.12% as of 30 September 2022 . Promoters pledged stake was 15.04% as of 30 September 2023 ,compared to 19.04% as of 30 September 2022 .
Cash flow from operating activities decreased to negative Rs -3,458.53 crore for YTD ended September 2023 from negative Rs -3,127.70 crore for YTD ended September 2022. Cash flow used in acquiring fixed assets during the YTD ended September 2023 stood at Rs 457.08 crore, compared to Rs 357.81 crore during the YTD ended September 2022.
Full year results analysis.
Net sales (including other operating income) of Ashok Leyland has increased 58.83% to Rs 41672.6 crore. Sales of Commercial Vehicle segment has gone up 65.17% to Rs 38,024.72 crore (accounting for 91.24% of total sales). Sales of Financial Service segment has gone up 13.45% to Rs 3,649.54 crore (accounting for 8.76% of total sales). Inter-segment sales rose Rs 0.80 crore to Rs 1.66 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 578.02% to Rs 2,475.92 crore. PBIT of Commercial Vehicle reported profit of Rs 1,819.40 crore compared to loss of Rs 82.46 crore. PBIT of Financial Service segment rose 46.67% to Rs 656.52 crore (accounting for 26.52% of total PBIT).
PBIT margin of Commercial Vehicle segment rose from negative 0.36% to 4.78%. PBIT margin of Financial Service segment rose from 13.91% to 17.99%. Overall PBIT margin rose from 1.39% to 5.94%.
Operating profit margin has jumped from 10.54% to 12.22%, leading to 84.18% rise in operating profit to Rs 5,092.90 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 63.46% to 66.83%. Purchase of finished goods cost fell from 3.61% to 2.78%. Employee cost decreased from 9.99% to 7.65%. Other expenses fell from 12.38% to 10.70%. Other income rose 27.60% to Rs 110.77 crore. PBIDT rose 82.45% to Rs 5203.67 crore. Provision for interest rose 12.01% to Rs 2093.5 crore. Loan funds rose to Rs 31,160.93 crore as of 31 March 2023 from Rs 24,145.02 crore as of 31 March 2022. Inventories rose to Rs 3,440.43 crore as of 31 March 2023 from Rs 2,540.55 crore as of 31 March 2022. Sundry debtors were higher at Rs 4,187.36 crore as of 31 March 2023 compared to Rs 3,264.09 crore as of 31 March 2022. Cash and bank balance rose to Rs 2,186.72 crore as of 31 March 2023 from Rs 2,138.16 crore as of 31 March 2022. Investments rose to Rs 4,852.35 crore as of 31 March 2023 from Rs 2,652.12 crore as of 31 March 2022 .
PBDT rose 216.40% to Rs 3110.17 crore. Provision for depreciation rose 3.96% to Rs 900.22 crore. Fixed assets increased to Rs 7,221.84 crore as of 31 March 2023 from Rs 7,102.76 crore as of 31 March 2022. Intangible assets increased from Rs 1,031.83 crore to Rs 1,175.11 crore.
Profit before tax grew 1,788.20% to Rs 2,209.95 crore. Share of profit/loss was 42.95% higher at Rs 10.75 crore. Provision for tax was expense of Rs 906.93 crore, compared to Rs 85.86 crore. Effective tax rate was 39.98% compared to negative 43.02%.
Minority interest increased 65.19% to Rs 120.85 crore.
Equity capital increased from Rs 293.55 crore as of 31 March 2022 to Rs 293.61 crore as of 31 March 2023. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 51.11% as of 31 March 2023 ,compared to 51.12% as of 31 March 2022 . Promoters pledged stake was 19.04% as of 31 March 2023 ,compared to 17.84% as of 31 March 2022 .
Cash flow from operating activities has turned negative Rs 4,499.26 crore for year ended March 2023 from positive Rs 2,844.56 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 929.10 crore, compared to Rs 508.72 crore during the year ended March 2022.
Other Highlights
In
Q2 FY24, company’s domestic MHCV volume was 29,947
units, grew by 18% over Q2 FY23.
Board approved an investment of Rs 1200 crore
in Switch Mobility as equity through its holding company Optare PLC UK. The
funds infused will be used for capital expenditure, R&D and meeting
operational requirements both in UK and India.
Company
witnessed