Ashok Leyland, the flagship company of the Hinduja Group and commercial vehicle manufacturer, has posted a net loss of Rs 282 crore for the first quarter of the financial year 2021-22, as compared to a loss of Rs 389 crore during the same period last fiscal.
The company reported a more than three-fold jump in revenue from operations during the April to June period of the current fiscal to Rs 2,951 crore as against Rs 651 crore in the first quarter of FY21. Ashok Leyland’s domestic medium and heavy commercial vehicle (M&HCV) volume grew at 1,041 per cent which is close to twice the industry growth of 562 per cent over the same period last year.
Ashok Leyland’s domestic light commercial vehicle (LCV) volumes for the quarter stood at 8,690 units, higher than Q1FY21 by 224 per cent (2,686 units). Export volumes (MHCV & LCV) for the quarter were 1,437 units, up 254 per cent pver Q1FY21 (405 units).
Vipin Sondhi, managing director and chief executive officer, Ashok Leyland, said, “The industry has seen signs of volume recovery in Q1FY22 over the same period last year, and we expect this trend to continue going forward. Our digital-first approach is helping us expand our offerings and getting in a newer set of customers. With our robust left-hand-drive (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."
"The supply of Electronic Control Units (ECUs), continues to be a concern, owing to the limited availability of Semiconductors. The industry is also feeling the impact of high raw material prices, especially steel. The management continues to monitor the situation very closely and expects it to soften going forward," the company said in a statement.