Commercial vehicle manufacturer Ashok Leyland Ltd.’s standalone net loss for the second quarter ended September narrowed to ₹83 crore from ₹147 crore a year earlier.
Revenue from operations rose 57% to ₹4,426 crore, while cost of materials zoomed by more than ₹1,100 crore to ₹3,093 crore. Total expenditure grew 52% to ₹4,595 crore, the company said in a regulatory filing.
“The industry has seen signs of volume recovery in Q2 FY22 over the same period last year, and we remain confident and optimistic about the future. The economy is showing signs of return to growth... ALL will continue to build competitive products and organisational capabilities for future growth,” said Vipin Sondhi, MD and CEO.
“We have generated close to ₹1,063 crore in cash this quarter owing to improved working capital, and we will continue to focus on driving operational efficiency,” said Gopal Mahadevan, CFO.
The management is keeping a close watch on the global semiconductor supply situation and commodity prices, the company said.
The company also said that Shom Ashok Hinduja had been appointed to the board.
In a separate filing, ALL said it was transferring the electric vehicles (EV) business to Switch Mobility Automotive Ltd., India, by way of a slump sale, for a consideration of ₹240 crore, with effect from October 1. The company is also transferring its eMaaS (E-Mobility As A Service) business to Ohm Global Mobility Pvt. Ltd., India, (Ohm India), for ₹65 crore.
