Ashok Leyland has reported an 18 per cent decline in M&HCV sales during the month of November 2018 at 8,718 units as against 10,638 units, a year ago. Light Commercial Vehicle (LCV) sales rose by 15 per cent to 4,403 units from 3,819 units, a year ago.
Total sales dropped by 9 per cent to 13,121 units from 14,457 units in November 2017.
The EBITDA margin at 10.6% for Q2FY19 missed our/consensus estimates by 60 bps on lower realizations and higher commodity costs. The bigger surprise was resignation of Vinod Dasari with effect from March 31, 2019. Dheeraj Hinduja will take over as the executive Chairman till the Board finds a suitable replacement.We expect FY20 earnings to benefit from a confluence of factors (higher volumes, lower discounts, higher operating leverage) on BS6 pre-buy.
Ashok Leyland managing director (MD) and CEO Vinod K Dasari resigned from his post on Tuesday. He tendered his resignation at the board meeting held to announce the audited results of the company, a Hinduja Group flagship, for the second quarter.
The board of directors in-principle accepted his resignation. But he was asked to continue till March-end 2019 for finding a successor as well as smooth transition.
Ashok Leyland, a Hinduja Group flagship, is betting big on the electric vehicle (EV) front. The company is gearing up to launch at least four EV products in 2019, including a bus, a light commercial vehicle (LCV), a last-mile connectivity product and a medium vehicle.
The company also hinted at its entry into the ‘shared transit’ model on global lines with an electric disruptive vehicle which will be for both urban and rural markets.
Commercial vehicle major Ashok Leyland registered a 17 per cent increase in auto sales in October, with total sales of Light Commercial Vehicle (LCV) and Medium and Commercial Vehicle (M&HCV) at 15,149 units.
M&HCV sales rose 7 per cent to 9,797 units as compared to 9,140 units, a year ago.
UK-based bus maker Optare has said its parent company Hinduja flagship Ashok Leyland (ALL) has increased its shareholding in Optare to 99.08% from 98.31% during 2017-2018 to convert Optare’s debt to equity, resulting in significantly lower levels of debt. John Fickling, the non-executive chairman of Optare, in the company’s latest annual report, revealed that Optare will have continued integration with ALL to deliver export opportunities and material savings.
This week the global 3D software company Dassault Systèmes announced, at its 3DExperience forum in Bengaluru, that Ashok Leyland, India’s second largest commercial vehicle manufacturer, has expanded its use of the 3DExperience platform by adopting the Global Validation, Proven Performance (GVPP) industry solution experience.
Ashok Leyland has bagged an order to supply Tracked Vehicle space for the Indian armed forces. The tender is meant for developmental work and marks Ashok Leyland's foray into tracked vehicle business.
As per the scope of the work, the company will collaborate with Combat Vehicles Research and Development Establishment (CVRDE), Chennai for the manufacturing, assembly and testing of lightweight clutch for the design and development of weight optimised 1500hp Automatic Transmission for Main Battle Tanks.
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