Ashok Leyland Q2 Results: 11th quarter of double-digit EBITDA growth; volumes aid topline

Ashok Leyland Ltd., the manufacturer of Medium and Heavy Commercial Vehicles reported results for the September quarter on Wednesday, November 12, which were mixed bag.

Revenue for the quarter increased by 9.3% from last year to ₹9,588 crore. A CNBC-TV18 poll was working with a figure of ₹9,530 crore.

Revenue growth for the quarter was aided by healthy volumes, which increased by 8% from last year and 11% sequentially. M&HCV volumes for the quarter increased by 3% from last year, while LCV volumes were up 6%. Export volumes for the quarter increased by 45% from last year to 4,784 units.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter increased by 14.2% on a year-on-year basis to ₹1,162 crore, which was in-line with the CNBC-TV18 poll estimate of ₹1,116 crore. This is the 11th straight quarter of the company reporting double-digit growth in its EBITDA.

EBITDA margin expanded by 40 basis points from last year to 12% from 11.6%, and also higher than the CNBC-TV18 poll of 11.7%.

Net profit for the period remained unchanged at ₹771 crore. The quarter saw a one-time loss of ₹40 crore for Ashok Leyland, compared to a one-time gain of ₹117 crore during the same quarter last year.

Shares of Ashok Leyland are trading 1.5% lower after the results announcement at ₹143. The stock has risen 30% so far in 2025.