Ashok Leyland narrows Q1 net loss to INR 289.29 crore
Hinduja flagship Ashok Leyland on Thursday reported narrowing of net loss to INR 282.29 crore for the first quarter ending June 30, 2021 mainly due to higher revenues.
The company had reported a net loss of INR 388.80 crore for the year-ago period, a BSE statement said.
Meanwhile, the company reported 353% increase in YoY quarter revenues at INR 2,951 crore in Q1 FY22 as against INR 651 crore in Q1 FY21.
Vipin Sondhi, MD & CEO, Ashok Leyland, said, “We have worked to improve our businesses and ensured a strong focus on reining in costs this quarter. Our digital-first approach is helping us expand our offerings and getting in a newer set of customers. With our robust LHD portfolio we are intensifying our global market expansion strategy, as we continue to focus on achieving our vision of being among the top 10 global CV makers."
However, the Chennai-based company highlighted that the supply of Electronic Control Units (ECUs), continues to be a concern, owing to the limited availability of semiconductors. The industry is also feeling the impact of high raw material prices, especially steel. The management continues to monitor the situation very closely and expects it to soften going forward, it added.
Gopal Mahadevan, Director & CFO, Ashok Leyland, added, “With our volumes picking up on account of our versatile product offerings, our robust cost initiatives have helped us improve our bottom line. Revenue from our other businesses like power solutions, defence and digital customer solutions, have also contributed increasingly, improving our revenue potential. We will continue to nurture our growth businesses, while we keep our focus on cost initiatives and converting the receivables & inventory to cash.”
During the quarter under review, the company's domestic MHCV volume grew at 1,041% which is close to twice the industry growth of 562% over the same period last year. Its LCV volume for Q1 FY22 at 8,690 units is higher than Q1 FY21 by 224% (2,686 units) Export volumes (MHCV & LCV) for Q1 FY 22 at 1,437 units is higher than Q1 FY21 by 254 % (405 units).
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