On consolidated basis
Quarter ended September 2024 compared with Quarter ended September 2023.
Net sales (including other operating income) of Ashok Leyland has declined 2.46% to Rs 11147.58 crore. Sales of Commercial Vehicle segment has gone down 6.00% to Rs 9,680.94 crore (accounting for 86.84% of total sales). Sales of Financial Service segment has gone up 29.67% to Rs 1,467.05 crore (accounting for 13.16% of total sales). Inter-segment sales came down from Rs 0.85 crore to Rs 0.41 crore. Profit before interest, tax and other unallocable items (PBIT) has slumped 9.44% to Rs 936.96 crore. PBIT of Commercial Vehicle segment fell 14.38% to Rs 730.31 crore (accounting for 77.94% of total PBIT). PBIT of Financial Service segment rose 13.71% to Rs 206.65 crore (accounting for 22.06% of total PBIT). PBIT margin of Commercial Vehicle segment fell from 8.28% to 7.54%. PBIT margin of Financial Service segment fell from 16.06% to 14.09%. Overall PBIT margin fell from 9.05% to 8.40%. Operating profit margin has jumped from 16.37% to 18.30%, leading to 9.05% rise in operating profit to Rs 2,039.77 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 62.51% to 56.34%. Purchase of finished goods cost rose from 3.12% to 3.89%. Employee cost increased from 8.03% to 9.46%. Other expenses rose from 10.25% to 11.79%. Other income rose 236.16% to Rs 114.26 crore. PBIDT rose 13.11% to Rs 2154.03 crore. Provision for interest rose 34.57% to Rs 962.3 crore. Loan funds rose to Rs 44,297.77 crore as of 30 September 2024 from Rs 34,391.62 crore as of 30 September 2023. Inventories rose to Rs 4,559.48 crore as of 30 September 2024 from Rs 3,984.46 crore as of 30 September 2023. Sundry debtors were lower at Rs 3,941.37 crore as of 30 September 2024 compared to Rs 4,490.63 crore as of 30 September 2023. Cash and bank balance rose to Rs 3,388.92 crore as of 30 September 2024 from Rs 2,403.79 crore as of 30 September 2023. Investments rose to Rs 3,952.88 crore as of 30 September 2024 from Rs 3,169.97 crore as of 30 September 2023 . PBDT rose 0.20% to Rs 1191.73 crore. Provision for depreciation rose 7.69% to Rs 244.03 crore. Fixed assets increased to Rs 7,604.04 crore as of 30 September 2024 from Rs 7,222.77 crore as of 30 September 2023. Intangible assets increased from Rs 1,175.96 crore to Rs 1,204.49 crore. Profit before tax down 1.56% to Rs 947.70 crore. Share of profit/loss was 283.11% higher at Rs 11.34 crore. Provision for tax was expense of Rs 311.51 crore, compared to Rs 358 crore. Effective tax rate was 28.90% compared to 38.61%. Minority interest increased 40.67% to Rs 60.91 crore. Net profit attributable to owners of the company increased 34.15% to Rs 705.64 crore. Equity capital increased from Rs 293.61 crore as of 30 September 2023 to Rs 293.64 crore as of 30 September 2024. Per share face Value remained same at Rs 1.00. Promoters’ stake was 51.11% as of 30 September 2024 ,compared to 51.11% as of 30 September 2023 . Promoters pledged stake was 27.23% as of 30 September 2024 ,compared to 15.04% as of 30 September 2023 . For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Ashok Leyland has increased 3.43% to Rs 21844.38 crore. Sales of Commercial Vehicle segment has gone up 0.14% to Rs 18,982.67 crore (accounting for 86.90% of total sales). Sales of Financial Service segment has gone up 32.15% to Rs 2,862.33 crore (accounting for 13.10% of total sales). Inter-segment sales came down from Rs 1.41 crore to Rs 0.62 crore. Profit before interest, tax and other unallocable items (PBIT) has slumped 1.99% to Rs 1,735.66 crore. PBIT of Commercial Vehicle segment fell 2.64% to Rs 1,379.05 crore (accounting for 79.45% of total PBIT). PBIT of Financial Service segment rose 0.60% to Rs 356.61 crore (accounting for 20.55% of total PBIT). PBIT margin of Commercial Vehicle segment fell from 7.47% to 7.26%. PBIT margin of Financial Service segment fell from 16.37% to 12.46%. Overall PBIT margin fell from 8.38% to 7.95%. Operating profit margin has jumped from 16% to 17.76%, leading to 14.84% rise in operating profit to Rs 3,880.54 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 62.16% to 57.80%. Purchase of finished goods cost rose from 3.38% to 3.83%. Employee cost increased from 8.29% to 9.04%. Other expenses rose from 10.52% to 11.78%. Other income rose 120.03% to Rs 171.89 crore. PBIDT rose 17.22% to Rs 4052.43 crore. Provision for interest rose 36.18% to Rs 1866.12 crore. Loan funds rose to Rs 44,297.77 crore as of 30 September 2024 from Rs 34,391.62 crore as of 30 September 2023. Inventories rose to Rs 4,559.48 crore as of 30 September 2024 from Rs 3,984.46 crore as of 30 September 2023. Sundry debtors were lower at Rs 3,941.37 crore as of 30 September 2024 compared to Rs 4,490.63 crore as of 30 September 2023. Cash and bank balance rose to Rs 3,388.92 crore as of 30 September 2024 from Rs 2,403.79 crore as of 30 September 2023. Investments rose to Rs 3,952.88 crore as of 30 September 2024 from Rs 3,169.97 crore as of 30 September 2023 . PBDT rose 4.76% to Rs 2186.31 crore. Provision for depreciation rose 5.66% to Rs 479.15 crore. Fixed assets increased to Rs 7,604.04 crore as of 30 September 2024 from Rs 7,222.77 crore as of 30 September 2023. Intangible assets increased from Rs 1,175.96 crore to Rs 1,204.49 crore. Profit before tax grew 4.52% to Rs 1,707.16 crore. Share of profit/loss was 176.89% higher at Rs 12.46 crore. Provision for tax was expense of Rs 526.32 crore, compared to Rs 452.87 crore. Effective tax rate was 28.55% compared to 28.19%.Minority interest increased 22.06% to Rs 102.41 crore. Net profit attributable to owners of the company increased 13.54% to Rs 1,214.79 crore. Equity capital increased from Rs 293.61 crore as of 30 September 2023 to Rs 293.64 crore as of 30 September 2024. Per share face Value remained same at Rs 1.00. Promoters’ stake was 51.11% as of 30 September 2024 ,compared to 51.11% as of 30 September 2023 . Promoters pledged stake was 27.23% as of 30 September 2024 ,compared to 15.04% as of 30 September 2023 . Cash flow from operating activities increased to negative Rs -2,686.02 crore for YTD ended September 2024 from negative Rs -3,458.53 crore for YTD ended September 2023. Cash flow used in acquiring fixed assets during the YTD ended September 2024 stood at Rs 701.17 crore, compared to Rs 457.08 crore during the YTD ended September 2023.
Full year results analysis.
Net sales (including other operating income) of Ashok Leyland has increased 9.88% to Rs 45790.64 crore. Sales of Commercial Vehicle segment has gone up 7.71% to Rs 40,956.35 crore (accounting for 89.44% of total sales). Sales of Financial Service segment has gone up 32.54% to Rs 4,836.96 crore (accounting for 10.56% of total sales). Inter-segment sales rose Rs 1.66 crore to Rs 2.67 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 80.14% to Rs 4,460.18 crore. PBIT of Commercial Vehicle segment rose 98.67% to Rs 3,614.68 crore (accounting for 81.04% of total PBIT). PBIT of Financial Service segment rose 28.79% to Rs 845.50 crore (accounting for 18.96% of total PBIT). PBIT margin of Commercial Vehicle segment rose from 4.78% to 8.83%. PBIT margin of Financial Service segment fell from 17.99% to 17.48%. Overall PBIT margin rose from 5.94% to 9.74%. Operating profit margin has jumped from 12.22% to 17.35%, leading to 55.96% rise in operating profit to Rs 7,942.87 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 66.83% to 60.92%. Purchase of finished goods cost rose from 2.78% to 3.36%. Employee cost increased from 7.65% to 7.92%. Other expenses fell from 10.70% to 10.67%. Other income rose 26.91% to Rs 140.58 crore. PBIDT rose 55.34% to Rs 8083.45 crore. Provision for interest rose 42.45% to Rs 2982.25 crore. Loan funds rose to Rs 40,802.18 crore as of 31 March 2024 from Rs 31,160.93 crore as of 31 March 2023. Inventories rose to Rs 4,008.01 crore as of 31 March 2024 from Rs 3,440.43 crore as of 31 March 2023. Sundry debtors were lower at Rs 3,898.15 crore as of 31 March 2024 compared to Rs 4,187.36 crore as of 31 March 2023. Cash and bank balance rose to Rs 7,080.05 crore as of 31 March 2024 from Rs 2,186.72 crore as of 31 March 2023. Investments declined from Rs 4,852.35 crore as of 31 March 2023 to Rs 2,328.61 crore as of 31 March 2024. PBDT rose 64.02% to Rs 5101.2 crore. Provision for depreciation rose 3.01% to Rs 927.29 crore. Fixed assets increased to Rs 7,374.35 crore as of 31 March 2024 from Rs 7,221.84 crore as of 31 March 2023. Intangible assets increased from Rs 1,192.59 crore to Rs 1,196.98 crore. Profit before tax grew 88.87% to Rs 4,173.91 crore. Share of profit/loss was 52.37% higher at Rs 16.38 crore. Provision for tax was expense of Rs 1409.73 crore, compared to Rs 906.93 crore. Effective tax rate was 34.33% compared to 39.98%. Minority interest increased 76.10% to Rs 212.82 crore. Net profit attributable to owners of the company increased 100.15% to Rs 2,483.52 crore. Equity capital increased from Rs 293.61 crore as of 31 March 2023 to Rs 293.63 crore as of 31 March 2024. Per share face Value remained same at Rs 1.00. Promoters’ stake was 51.11% as of 31 March 2024 ,compared to 51.11% as of 31 March 2023 . Promoters pledged stake was 22.10% as of 31 March 2024 ,compared to 19.04% as of 31 March 2023 . Cash flow from operating activities decreased to negative Rs -6,257.98 crore for year ended March 2024 from negative Rs -4,499.26 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 1,133.54 crore, compared to Rs 929.10 crore during the year ended March 2023. Other Highlights
The board declared an Interim Dividend of Rs 2 per equity share of Re 1 each,
for the financial year ending 2024-25. Record date for the purpose is November
19, 2024.
In
Q2 FY25, the company’s domestic MHCV market share
continues to be over 31%. The Company maintained market leadership in the Bus
segment. The LCV domestic market share in the addressable segments has also
gained in the first half of the year.
In Q2 FY25, MHCV domestic sales volume was
at 25,685 compared to 29,947 in Q2 FY24. LCV volume was at 16,629 compared to
16,998 in Q2 FY24.
Export volumes for the quarter stood at
3310 units, higher by 14% YoY. Defence, Power Solutions and Aftermarket
Businesses continue to perform well and are expected to post good growth in the
current fiscal.
The Company continued to expand its
innovative product offerings in Q2 FY25 by launching new products in Tipper,
Bus, Haulage and LCV segments.
Management Comments :
Mr. Dheeraj Hinduja, Chairman, Ashok
Leyland said, `The Indian Economy is expected to do well in the second half
which would benefit our industry. We remain optimistic about industry prospects
for H2 on back of strong macroeconomic fundamentals, supported by resumption of
Government spending in Capex and good monsoons. Our robust all-round
performance in Q2 is backed by our technologicol and cost leadership.
Internationally as well, we are intensifying our expansion strategy in our focus
markets of SAARC, Middle East, Africa and Asia, aimed at posting the best
performance ever during this fiscal. We continue to invest in new products with
alternative fuels. Switch is doing well with an order book of nearly 2000
buses. “
Mr. Shenu Agarwal, Managing Director &
CEO, Ashok Leyland, added, "Our focus on profitability continues. We are
happy that we could improve our profitability by focusing on premiumization of
our products, addressing cost compression opportunities, and continuously elevating
our standards of customer service. Our PAT for Q2FY25 is an all-time high. Our
EBITDA margins have improved both sequentially and on YoY basis, making this
the seventh consecutive quarter of double-digit EBITDA. We are well on track to
achieve mid-teen EBITDA in the medium term."
| Ashok Leyland : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202409 | 202309 | Var.(%) | 202409 | 202309 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 11,147.58 | 11,429.04 | -2.46 | 21,844.38 | 21,120.36 | 3.43 | 45,790.64 | 41,672.60 | 9.88 | | OPM (%) | 18.30 | 16.37 | 193 bps | 17.76 | 16.00 | 177 bps | 17.35 | 12.22 | 512 bps | | OP | 2,039.77 | 1,870.43 | 9.05 | 3,880.54 | 3,379.07 | 14.84 | 7,942.87 | 5,092.90 | 55.96 | | Other Inc. | 114.26 | 33.99 | 236.16 | 171.89 | 78.12 | 120.03 | 140.58 | 110.77 | 26.91 | | PBIDT | 2,154.03 | 1,904.42 | 13.11 | 4,052.43 | 3,457.19 | 17.22 | 8,083.45 | 5,203.67 | 55.34 | | Interest | 962.30 | 715.07 | 34.57 | 1,866.12 | 1,370.29 | 36.18 | 2,982.25 | 2,093.50 | 42.45 | | PBDT | 1,191.73 | 1,189.35 | 0.20 | 2,186.31 | 2,086.90 | 4.76 | 5,101.20 | 3,110.17 | 64.02 | | Depreciation | 244.03 | 226.61 | 7.69 | 479.15 | 453.5 | 5.66 | 927.29 | 900.22 | 3.01 | | PBT | 947.70 | 962.74 | -1.56 | 1707.16 | 1633.4 | 4.52 | 4173.91 | 2209.95 | 88.87 | | Share of Profit/(Loss) from Associates | 11.34 | 2.96 | 283.11 | 12.46 | 4.5 | 176.89 | 16.38 | 10.75 | 52.37 | | PBT before EO | 959.04 | 965.7 | -0.69 | 1719.62 | 1637.9 | 4.99 | 4190.29 | 2220.7 | 88.69 | | EO Income | 119.02 | -38.39 | LP | 123.9 | -31.23 | LP | -84.22 | 47.89 | PL | | PBT after EO | 1078.06 | 927.31 | 16.26 | 1843.52 | 1606.67 | 14.74 | 4106.07 | 2268.59 | 81.00 | | Taxation | 311.51 | 358 | -12.99 | 526.32 | 452.87 | 16.22 | 1409.73 | 906.93 | 55.44 | | PAT | 766.55 | 569.31 | 34.65 | 1317.2 | 1153.8 | 14.16 | 2696.34 | 1361.66 | 98.02 | | Minority Interest (MI) | 60.91 | 43.3 | 40.67 | 102.41 | 83.9 | 22.06 | 212.82 | 120.85 | 76.10 | | Net profit | 705.64 | 526.01 | 34.15 | 1214.79 | 1069.9 | 13.54 | 2483.52 | 1240.81 | 100.15 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 705.64 | 526.01 | 34.15 | 1214.79 | 1069.9 | 13.54 | 2483.52 | 1240.81 | 100.15 | | EPS (Rs)* | 2.14 | 1.87 | 14.69 | 3.86 | 3.71 | 3.92 | 8.63 | 4.14 | 108.63 | | | * EPS is on current equity of Rs 293.64 crore, Face value of Rs 1, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| Ashok Leyland : Consolidated Segment Results | | | Quarter ended | Year to Date | Year ended |
|---|
| % of (Total) | 202409 | 202309 | Var.(%) | % of (Total) | 202409 | 202309 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
|---|
| Sales | | Commercial Vehicle | 86.84 | 9,680.94 | 10,298.56 | -6.00 | 86.90 | 18,982.67 | 18,955.75 | 0.14 | 89.44 | 40,956.35 | 38,024.72 | 7.71 | | Financial Service | 13.16 | 1,467.05 | 1,131.33 | 29.67 | 13.10 | 2,862.33 | 2,166.02 | 32.15 | 10.56 | 4,836.96 | 3,649.54 | 32.54 | | Total Reported Sales | 100.00 | 11,147.99 | 11,429.89 | -2.47 | 100.00 | 21,845.00 | 21,121.77 | 3.42 | 100.00 | 45,793.31 | 41,674.26 | 9.88 | | Less: Inter segment revenues | | 0.41 | 0.85 | -51.76 | | 0.62 | 1.41 | -56.03 | | 2.67 | 1.66 | 60.84 | | Net Sales | 100.00 | 11,147.58 | 11,429.04 | -2.46 | 100.00 | 21,844.38 | 21,120.36 | 3.43 | 100.00 | 45,790.64 | 41,672.60 | 9.88 | | PBIT | | Commercial Vehicle | 77.94 | 730.31 | 852.92 | -14.38 | 79.45 | 1,379.05 | 1,416.43 | -2.64 | 81.04 | 3,614.68 | 1,819.40 | 98.67 | | Financial Service | 22.06 | 206.65 | 181.74 | 13.71 | 20.55 | 356.61 | 354.48 | 0.60 | 18.96 | 845.50 | 656.52 | 28.79 | | Total PBIT | 100.00 | 936.96 | 1,034.66 | -9.44 | 100.00 | 1,735.66 | 1,770.91 | -1.99 | 100.00 | 4,460.18 | 2,475.92 | 80.14 | | Less : Interest | | 103.52 | 105.91 | -2.26 | | 200.39 | 215.63 | -7.07 | | 426.85 | 376.74 | 13.30 | | Add: Other un-allcoable | | 244.62 | -1.44 | LP | | 308.25 | 51.39 | 499.82 | | 72.74 | 169.41 | -57.06 | | PBIT Margin(%) | | Commercial Vehicle | | 7.54 | 8.28 | -73.81 | | 7.26 | 7.47 | -20.75 | | 8.83 | 4.78 | 404.09 | | Financial Service | | 14.09 | 16.06 | -197.82 | | 12.46 | 16.37 | -390.68 | | 17.48 | 17.99 | -50.91 | | PBT | 100.00 | 1,078.06 | 927.31 | 16.26 | 100.00 | 1,843.52 | 1,606.67 | 14.74 | 100.00 | 4,106.07 | 2,268.59 | 81.00 |
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