The company reported a standalone loss of Rs 282 crore during the quarter as against a loss of Rs 389 crore in the corresponding quarter last year. It had reported a profit of Rs 241 crore during the preceding quarter.
Revenue improved more than four times year-on-year to Rs 2,951 crore but was less than half of the Rs 7,000 crore reported in the preceding quarter.
The company reported negative earnings before interest, tax, depreciation and amortisation (EBITDA) at Rs 140 crore.
“The industry has seen signs of volume recovery in Q1FY22 over the same period last year, and we expect this trend to continue going forward,” Vipin Sondhi, the managing director of Ashok Leyland said in a press statement. “We have worked to improve our businesses and ensured a strong focus on reining in costs this quarter.”
The company was also working to improve its export sales with its left-hand-drive portfolio in line with its ambition to be among the top 10 CV makers globally, Sondhi said.
The company said that the supply of electronic control units (ECUs) continued to be a concern due to the global semiconductor shortage. The rally in the prices of raw materials like steel was also impacting business.
The stock of Ashok Leyland declined marginally to close at Rs 133.05 on the BSE on Thursday.
