Ashok Leyland Closes FY17 With Record Revenues And Sales

Ashok Leyland volumes have shown a growth of 4 percent; 1,02,313 units for FY 2016-17 compared to 98,809 for FY 2015-16, resulting in an increase in market share of 1.1 percent.

Commenting on the results, Vinod K. Dasari, Managing Director, Ashok Leyland Limited said "The highlight for us this year is the growth in profits and our pan India market share. Our continued focus on controlling costs has paid rich dividends and helped us achieve a double-digit EBITDA for the 9th straight quarter."

He further added, "We launched BS4 engines with the AL's iEGR technology which is best suited for our customers, especially in developing economies. We are confident that this unique technology will help enhance profits of our customers and grow our share."

"We are happy to state that we are slowly but surely turning around the operations of HFL and the company has become EBITDA positive for last six months." he added.

Some of the highlights of the impressive performance of Ashok Leyland was attributed to launch of six new products across different segments, launching India's first electric bus, expansion of networks to being recognised as one of the top 40 brands in India.

Mr Gopal Mahadevan, CFO, Ashok Leyland added, "While we will pursue growth, we want to do it profitably, and the team continues its focus on operating costs and margins."

He added, "Ashok Leyland continues to be the most profitable CV company in India. Debt equity is reduced to 0.1, and our credit rating has been upgraded to ‘AA'."