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Ashok Leyland Back To The Winning Ways By Narrowing Q2 Loss To INR 83 Crores

TNI || New Delhi || 15th Nov 2021

Ashok Leyland has reported that it is narrowing the net loss to INR 83 crores in the second quarter of the financial year that ended on September 30, 2021.

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The commercial vehicle maker which is a Hinduja Group’s flagship company had posted a loss of INR 2,823 crore in the corresponding period of 2020.

The Q2 of the financial year has been exceptional for the commercial auto giant as the revenues have surged 57% to INR 4458 crore, as compared to INR 2951 crore in Q1.

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The company’s domestic medium and heavy commercial vehicle volume in Q2 was at 11988 units which were 71% above the same period in 2020. Likewise, in the case of LCV, the volumes for Q2 in this financial year stood at 13328 units which are again seeing a rise of 22%.

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Even the export volumes in the reporting quarter have been higher than last year corresponding period with volumes pegged at 1491 units.

Vipin Sondhi, MD & CEO of the company, said that the industry is showing signs of recovery. He added that the economy is showing positive signs of getting the momentum back and that they shall continue to build competitive products as well as enhance the organizational capabilities that will assist in future growth.

He further said that Ashok Leyland’s market expansion is in place, and they are eyeing to be in the top 10 global CV makers.

Talking about Switch Mobility, Sondhi said that he is happy with the way things are moving in that front.

Gopal Mahadevan, the company’s Director and CFO said, that apart from their core business of commercial vehicles, they are doing exceptionally well in their other businesses like defence, power, etc. thereby adding more revenue.