Ashok Leyland Reports 6% Drop in Q1 Profit Amid Deferred Tax Gains

Ashok Leyland, the flagship of the Hinduja Group, reported a 6% decline in consolidated net profit to Rs 509 crore for the June 2024 quarter, primarily due to a deferred tax gain in the previous year's period. Despite this, the company saw a 10% increase in total income, reaching Rs 10,754 crore.

Ashok Leyland, the flagship entity of the Hinduja Group, announced a 6% year-on-year decrease in its consolidated net profit, totaling Rs 509 crore for the June 2024 quarter. This decline, the company stated, was primarily driven by a one-time deferred tax gain in the previous fiscal year's equivalent period.

In comparison, Ashok Leyland's net profit for the April-June quarter of the prior fiscal year stood at Rs 544 crore. Despite the dip in profit, the company reported a significant increase in total income, which climbed to Rs 10,754 crore from Rs 9,735 crore year-on-year.

Ashok Leyland Chairman Dheeraj Hinduja highlighted that the commercial vehicle industry managed to sustain growth momentum in the first quarter of the fiscal year, defying earlier anxieties due to events such as general elections. The company also achieved its highest-ever commercial vehicle volumes of 43,893 units in the quarter.