Ashok Leyland Limited has reported a revenue growth of 33 percent at INR 116.26 billion in the fourth quarter of FY2022-23 as compared to the revenue earning of INR 87.44 billion during the corresponding quarter in FY2021-22. Operating profit before tax for the fourth quarter of FY2022-23 was INR 10.68 billion as compared to INR 5.28 billion for the same period the fiscal prior. PAT was recorded at INR 7.51 billion as against that of INR 9.01 billion during the corresponding period in the fiscal prior. The FY2022-23 Q4 EBITDA was at 11.0 percent as against 8.9 percent the fiscal prior. 

The company’s truck market share during the fourth quarter of FY2022-23 has recorded an improvement at 32.7 percent as compared to 30.6 percent during the corresponding period in the fiscal prior. The bus market share for the fourth quarter of FY2022-23 has recorded an improvement at 27.1 percent as against 26.4 percent during the fiscal prior. 

Ashok Leyland’s domestic LCV volumes grew by 18 percent in the fourth quarter of FY2022-23 to 18,840 units as compared to 15,971 units in the corresponding period in the fiscal prior. 

For FY2022-23, the company recorded a revenue of INR 361.44 billion as compared to a revenue of INR 216.88 billion in FY2021-22. The operating PBT was INR 20.26 billion as against INR 170 million during FY2021-22. The PAT was INR 13.80 billion as against a profit of INR 5.42 billion in FY2021-22. Full year EBITDA was at 8.1 percent as against 4.6 percent in FY2021-22. Cash generated during the quarter was INR 22.87 billion and net cash surplus was INR 2.43 billion as against a net debt of INR 7.20 billion for the same period last year. 

Despite geopolitical headwinds, on a full year basis our export volumes are at 11289 units as compared to 11,014 units in FY2021-22, an increase of 2 percent. Good performance of the commercial vehicle major was supported by the medium and heavy duty AVTR truck range and the introduction of the CNG range of intermediate commercial vehicles. 

The company extended its network by opening 152 new outlets across the country in FY2022-23. Dheeraj Hinduja, Executive Chairman, Ashok Leyland Limited, said, “The CV industry is buoyant due to favourable macroeconomic factors and a healthy demand from the end-user industries. This trend is expected to continue alongside growth in core sectors such as construction and mining, agriculture, increased capital outlay for infrastructure projects and pent-up replacement demand. The focus on international operations, defence, power solutions and parts businesses will continue to balance the volatility of our core business. With momentum gradually picking up in electric vehicles, Switch Mobility is well poised to complement the developments at Ashok Leyland across a spectrum of alternate propulsion systems.” 

Shenu Agarwal, Managing Director & CEO, Ashok Leyland Limited, mentioned, “It has been a truly wholesome performance. We have been able to achieve growth in market share, across geographies and across product segments, along with significant improvement in our profitability. All this demonstrates our strong fundamentals – competitive and wide product portfolio, strong and widespread network and a talented and passionate team. While we shall continue to pursue better realisations even as we expand market share, our resolute focus shall remain on bringing deeper efficiency and cost improvement. We have generated close to INR 22.87 billion (INR 2287 Cr) of cash this quarter owing to better profits and focused management of working capital, which gives us ability to further accelerate our investment in future products and technologies.”

Ashok Leyland, the Indian flagship of the Hinduja Group and the country’s leading commercial vehicle manufacturer, has opened a new dealership for light commercial vehicles (LCVs) in Siliguri, West Bengal. With this new facility, which happens to be the fifth LCV dealership in West Bengal, the company now has a robust LCV distribution network with more than 800 touchpoints.

Located at Eastern Bypass Road, SBM Warehouse, Eastern Bypass, Bhaktinagar, Siliguri, Jalpaiguri, West Bengal, the new dealership will be managed by channel partner Happie Trucking. The main workshop facility (service and spares) is also strategically located at Debgram, Ware House, Thakur Nagar, New Jalpaiguri, Jalpaiguri, West Bengal. Equipped with advanced tools, quick service bays and sophisticated infrastructure, the facility is all set to ensure superior customer experience.

Viplav Shah, Head – LCV Business, Ashok Leyland, said, “We are excited to further strengthen our presence in this region. West Bengal and Eastern India, at large, have been a key market for us. We have always recognised the potential this region has, and we are excited about the opportunities that lie ahead in this geography. We have been working on creating a strong foothold in the region, and the new dealership in Siliguri will bolster our presence in this geography. The overwhelming success of our ‘DOST Range’ and now the ‘BADA DOST’ can be attributed to the robustness of our products and the extensive reach of our network. All our products have been receiving great responses from our customers, thanks to their best-in-class mileage and class-leading performance, backed by extensive sales and aftersales support. We are extremely proud that our track record of service retention levels is exemplary, with close to 70 percent of our customers returning to our dealer workshops even after the warranty period. We, as always, would remain committed to maintaining and even enhancing the level of customer service and satisfaction. This new dealership is being opened to further strengthen our reach, in line with our commitment.”

VE Commercial Vehicles (VECV), recently hosted Jan Thesleff, the Ambassador of Sweden to India, at its manufacturing facilities in Pithampur. He was accompanied by Markus Lundgren, Counsellor and Head of Trade section, Embassy of Sweden and Sofia Hogman, Swedish Trade Commissioner, Business Sweden.

The CV maker states that its VE Powertrain plant is a successful symbol of India-Sweden collaboration. The facility leverages India’s skilled workforce and technical expertise while positioning VECV as a hub for development and manufacturing that meets global standards. Notably, VEPT has been producing Euro 6 (BS VI) compliant engines since 2013, supplying over 40 countries.

Jan Thesleff said, “Currently, more than 280 Swedish companies operate in India, contributing to sectors ranging from automobiles and communications to healthcare and defence, directly generating over 240,000 jobs. The Eicher-Volvo joint venture exemplifies the strategic benefits of this partnership by harnessing the strengths of Sweden and India and fostering mutual growth and technological advancement. I am thoroughly impressed by the advanced technology products and sustainable manufacturing processes I witnessed today at VECV. Their remarkable achievements epitomise the shared innovation, growth, and sustainable development that Sweden-India partnership continues to deliver for the benefit of both nations.”

Vinod Aggarwal, Managing Director & CEO, VECV, said, “We are honoured to welcome His Excellency Ambassador Jan Thesleff and the team from the Swedish Embassy to our Pithampur facility. Over the past 16 years, the VECV joint venture has not only driven the modernisation of India’s commercial vehicle sector but has also enabled Volvo Group to source world-class engines and components, made in India, for its global requirements. The success of this joint venture is rooted in the principles of trust, mutual respect, and win-win collaboration, combining Volvo Group's technology leadership with Eicher’s deep understanding of the Indian market. VECV looks forward to building on this success in the future”.

At present, the company sells CNG, LNG, electric and diesel trucks and buses in India under the Eicher and Volvo brands.

Manba Finance, a leading non-banking finance company (NBFC), has signed a Memorandum of Understanding (MoU) with Piaggio Vehicles (PVPL), the wholly-owned subsidiary of the Piaggio Group, to provide tailored financing solutions to Piaggio three-wheeler customers.

As per the understanding, the partners are set to form a dedicated central coordination team to oversee the implementation. They will focus on key areas such as product structuring, interest rate optimisation, resource allocation, centralised communication, and training to ensure the efficient execution and monitoring of the tie-up.

The MoU was signed by Diego Graffi, CMD, Piaggio Vehicles and Monil Shah, CBO & Director, Manba Finance, in the presence of Amit Sagar, EVP of Sales and Retail Finance, and Nilesh Arya, Head of Retail Finance, Piaggio Vehicles.

The partners state that the collaboration comes as electric three-wheeler sales saw a record high of 65,700 units in October. With this electric three-wheelers are just 16,856 units away from surpassing the CY2023 total of 583,597 units.

“We are proud to collaborate with one of India’s leading three-wheeler manufacturers, a trusted brand among aspiring entrepreneurs across the country. This partnership strengthens our footprint in the three-wheeler segment while enabling us to provide seamless digital lending solutions to our customers," said Shah.

German automotive component supplier Mahle has bagged a new contract from MAN Truck & Bus to supply components for the hydrogen engine of its ‘MAN hTGX’ truck.

The hydrogen truck uses a direct-injection engine with 6 cylinders, 16.8-litre displacement, which produces 383 kW power. Mahle will supply the hydrogen power cell unit, consisting of piston, piston rings, piston pin and cylinder liner. It will also supply components to be used in the valve train.

Interestingly, MAN aims to build around 200 units of the hydrogen truck for selected markets from 2025.

Dr Roger Busch, member of the Mahle Management Committee and Head of Sales, said, “Mahle has successfully transferred its 100 years of expertise in engine components into the future. Our state-of-the-art pistons and other parts make the internal combustion engine fit for hydrogen and thus climate-neutral. Today, we are able to fulfil our customers’ expectations in terms of performance, efficiency and service life.”

The component supplier says it has successfully tested its engine components to meet the specific requirements of hydrogen operation.

The company claims that the Mahle hydrogen power cell unit, in particular the oil consumption of the motor and the so-called blow-by, i.e. the leakage of hydrogen gas into the crankcase, can be reduced to a minimum. This enables a robust and failure-free operation of the motor.

Mahle at present is working on around 30 hydrogen engine projects for customers in the on- and off-highway sector, with more series launches from its customers being planned in 2025.