Ashok Leyland Ltd. has reported the ‘highest-ever’ Q1FY25 commercial-vehicle volume resulting in a ’record’ revenue, EBITDA margins and profit before tax, a top official said here on Thursday.

“Q1 industry volumes were at comparable levels of the previous peak of Q1FY19. ALL’s Q1 performance has beaten all expectations, we have been able to post excellent results with focused market performance while reining in costs,” Executive Chairman Dheeraj Hinduja said during press interaction.

“Going forward, we are confident of increasing our marketshare in bus and trucks segment. Our product pipeline is very strong. You will be seeing host of new product launches this year. It will help us strengthen our market and price position,” he said.

He also said that the record financial performance in Q1 gave ALL even more strength to move towards mid-term objective of achieving mid-teen EBITDA margins.

The commercial vehicle manufacturer reported standalone net profit for the June quarter contracted by 9% from the year earlier period to ₹526 crore.

“In Q1 FY24 of last year, as per the new tax structure, we had to restate the deferred tax liability from 35% to 25%. This meant we had a one-time gain of ₹172 crore in deferred tax liability last year in Q1 FY24,” he said.

“If we take that effect away from last year’s one-time gain from Q1 FY25 results, PAT would be at ₹526 crore. Which would have resulted in a 30% growth in profit after tax in Q1 FY25.”

Revenue from operations increased by 5% to ₹8,561 crore. Non-commercial vehicle businesses, power solutions, aftermarket, defence and international operations also contributed to a strong top line.

ALL’s domestic MHCV volume grew by 8% and market share stood at 30.7%. The bus market share was significantly up at 33.3%. The domestic LCV volume was up 4% to 15,345 units, while export increased by 5% to 2,324 units.

Mr. Dheeraj said that they remained optimistic on the prospects of CV industry. “Most economic factors are favourable. Monsoon is likely to be good. The recent budget has provided for a flurry of economic measures. All these augurs well for the CV industry,” he said.

 Talking about exports, he said that some the export markets, which were subdued for the last two years, have started showing early signs of growth. This should help the company to grow further its international market volumes.