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Q3 was tough but Ashok Leyland optimistic about Q4

The continuing slowdown in the Commercial Vehicle business and a YOY drop of 32% in Total Industry Volume (TIV) in Q3 reflected in Ashok Leyland’s performance with Company revenue for the quarter closing at Rs.1,953 crores (Rs. 2,406 crores same period last year) with a net loss (PAT) of Rs. 167 crores (PAT Rs. 74 … Continued

The continuing slowdown in the Commercial Vehicle business and a YOY drop of 32% in Total Industry Volume (TIV) in Q3 reflected in Ashok Leyland’s performance with Company revenue for the quarter closing at Rs.1,953 crores (Rs. 2,406 crores same period last year) with a net loss (PAT) of Rs. 167 crores (PAT Rs. 74 crores, same period last year).

The quarter saw the launch of the critically acclaimed ICV truck, BOSS and MPV STiLE. Ashok Leyland gained market share in the trucks business buoyed by the success of the BOSS in every market where it has been launched.

“We are enthused by the extremely encouraging response to BOSS, our breakthrough product in the ICV segment. Launched across five states, the momentum BOSS has already achieved has been quite remarkable. BOSS was adjudged ‘Commercial Vehicle of the Year’ across segments and ‘ICV Cargo Carrier of the Year’ at the recently concluded CV Awards. STiLE, the new MPV from the Ashok Leyland-Nissan stable, was declared the NDTV ‘MUV of the Year’, the DNA ‘MPV of the Year’ and the CV ‘SCV People Mover of the Year’ and the product has been received very well,” said Vinod K. Dasari, Managing Director, Ashok Leyland.

In line with its policy of ensuring fiscal prudence, the company is working to lower costs, reduce debt and divest non-core assets. There has been a significant reduction in operating costs and lowered working capital; including a VRS for about 500 executives.

For the nine months ended December 2013, sales revenue stood at Rs. 6,867 crores (Rs. 8,753 crores) and net loss (PAT) at Rs. 334 crores (PAT Rs. 284 crores). Q3 results include one-time VRS costs, profit on sale of investments and certain assets.

“We look forward to the general optimism associated with Q4. Our latest offering, the CAPTAIN range of heavy trucks, brings an altogether different level of trucking experience to Indian roads and we are sure to reap its benefits. We hope orders under JNNURM will commence in Q4,” said Mr Dasari.

The Company continues to invest in network expansion with over 600 customer touch points, including retail parts stores and containerized workshops, across the country.

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