Commercial vehicle major Ashok Leyland Ltd closed the first quarter of FY23 with an after tax profit of Rs 68 crore.

Chennai, July 29, 2022:  Commercial vehicle major Ashok Leyland Ltd closed the first quarter of FY23 with an after tax profit of Rs 68 crore.

According to the company, it had posted a revenue of Rs 7,223 crore for the quarter ended 30.6.2022 (Q1FY22 Rs 2,951 crore) and a net profit of Rs 68 crore (net loss Rs 282 crore).

“The industry has seen strong volume growth in Q1 FY’23, and we expect this trend to continue going forward. The team is focused on market performance while reining in costs this quarter,” Dheeraj Hinduja, Executive Chairman said.

“With expansion in revenues and efficient cost management we have seen our bottom line improving. The softening of commodity prices, in particular for steel, should impact our margins positively, said Gopal Mahadevan, Director & CFO