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Hinduja group flagship firm Ashok Leyland on Thursday reported a net loss of Rs 282.3 crore for the quarter ended June 30, 2021.In the corresponding quarter last year, the company posted a net loss of Rs 388 crore. The Bullswire had predicted a loss of Rs 267 crore for the quarter under review.Its revenue from operations during April-June 2021 jumped 353 percent to Rs 2,951 crore, compared with Rs 650.9 crore in the year-ago .
Ashok Leyland’s domestic light commercial vehicle (LCV) volumes for Q1 FY’22 at 8,690 units is higher than Q1 FY’21 by 224 percent (2,686 units). Export volumes (MHCV & LCV) for Q1 FY’22 at 1,437 units is higher than Q1 FY’21 by 254 percent (405 units).The company saw strong demand for the AVTR range – India’s first modular truck platform, and this demand is expected to further improve, mirroring the increased economic activity expected. In the LCV segment, the recently launched Bada Dost has been well accepted by the customers and the company is ramping up production in line with market demand.Going forward, last-mile connectivity demand propelled by e-commerce is likely to continue supporting ICV and LCV truck volumes.
Other businesses like defence, power solutions and after-market continue to contribute strongly to the top line of the company.The company said it vaccinated 76 percent of all its employees and is rapidly scaling up to ensure complete coverage. It is also working closely with government agencies in order to expend its CSR spends on community vaccination drives.Vipin Sondhi, managing director and chief executive officer, Ashok Leyland, said the industry has seen signs of volume recovery in Q1 FY’22 over the same period last year, and we expect this trend to continue going forward. 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 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,” he said.The results came after the close of the market hours. Shares of Ashok Leyland ended at Rs 133.05, down by Rs 0.45, or 0.34 percent on the BSE.
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