Ashok Leyland Q1 net profit dips to Rs 509 cr; total income at Rs 10,754 cr

New Delhi: Hinduja group flagship Ashok Leyland on Thursday reported a 6 per cent year-on-year fall in its consolidated net profit to Rs 509 crore in the June 2024 quarter.

The company posted a net profit of Rs 544 crore in the April-June quarter of the previous fiscal.

Total income increased to Rs 10,754 crore in the first quarter against Rs 9,735 crore in the year-ago period, Ashok Leyland said in a regulatory filing.

Ashok Leyland Chairman Dheeraj Hinduja said the commercial vehicle industry continues to maintain the growth momentum, contrary to the expectations at the start of the year.

Industry volumes for the first quarter were at comparable levels to the previous peak of Q1FY19, he stated.

"The company's Q1 performance has beaten all expectations, we have been able to post excellent results with focused market performance while reining in costs," Hinduja stated.

Through Switch Mobility, the company is geared to participate in the growing EV market with a clear road map, he added.

With the expansion in revenues and efficient cost management, the company has seen its bottom line improving substantially, Ashok Leyland Managing Director & Chief Executive Officer Shenu Agarwal said.

Shares of Ashok Leyland settled marginally higher at Rs 232.50 apiece on the BSE.