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Commercial vehicle maker <keyword id="6357085" type="General" weightage="100" keywordseo="ashok-leyland" source="Orion">Ashok Leyland</keyword> on Thursday said its profit after tax nearly tripled to Rs 561 crore in September quarter 2023-24. In the year-ago period, the PAT was Rs 199.31 crore. Revenues during the quarter under review rose to Rs 9,638 crore from Rs 8,266 crore in the second quarter of FY23, the company said in a statement. It said EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) for the quarter was Rs 1,080 crore as against Rs 537 crore in the corresponding quarter of FY23. Net debt stood at Rs 1,139 crore at the end of the second quarter, it said. The domestic medium and heavy commercial vehicles (MHCV) sales stood at 29,947 units, up 18% from the second quarter of the previous fiscal, which is in line with industry growth. Light commercial vehicle (LCV) volume was at 16,998 units compared to 17,040 LCVs sold in the same period last year, Ashok Leyland said. Export volumes for the quarter (MHCV &amp; LCV) were 4% higher at 2,901 units from the year-ago period despite multiple socio-political challenges across the globe. The company said while its overall MHCV MS is moving in the right direction, it significantly increased its bus market share, making it the top bus manufacturer in the country. "We have grown and grown profitability. The second half of the year appears to have the twin tailwinds of demand growth and softer commodity prices which should improve the profitability of the industry," Shenu Agarwal, Managing Director and Chief Executive Officer of Ashok Leyland, said. This is the third consecutive quarter of double-digit EBITDA, he said, adding that there is tremendous focus on margin enhancement, network expansion, operational efficiency, cost optimisation and deployment of digital as an enabler for growth and productivity. There is an enhanced thrust to grow all non-MHCV businesses as well and "we expect to see the benefits of all of this in the coming quarters," he added. Further, the company said that its all other businesses posted good growth in the current quarter and added that it expanded its MHCV range by launching new products in tipper, tractor and MAV categories. The focus on expansion of the distribution network continued with further addition of 47 touch points in the quarter, especially in the northern and eastern parts of the country, it said. "We continue to see strong demand in all segments of trucks and passenger vehicles. The industry continues to post strong growth, on the back of strong macroeconomic factors and we are confident that FY24 will see further growth in the second half as well," <keyword id="454707" type="General" weightage="50" keywordseo="dheeraj-hinduja" source="Orion">Dheeraj Hinduja</keyword>, Executive Chairman of Ashok Leyland, said. While International business globally is challenged owing to the conflicts across the globe, "we are intensifying our expansion strategy in our focus markets of the Middle East, Africa and Asia," he said. The company continues to build its capabilities in alternative energy and shall be soon coming up with some exciting products and solutions, Hinduja added.

Ashok Leyland PAT nearly triples to Rs 561 cr in September quarter

Mumbai, Hinduja Group flagship <keyword id="6357085" type="General" weightage="20" keywordseo="Ashok-Leyland" source="Orion">Ashok Leyland</keyword> on Friday said its net profit on a year-on-year basis jumped over eight fold to Rs 576 crore in the June quarter of this fiscal. The Chennai-based commercial vehicle maker had reported a net profit of Rs 68 crore in Q1FY23, as per a company statement. Revenue for the quarter stood at Rs 8,189 crore, as against Rs 7,223 crore in the first quarter of the previous fiscal. The company's domestic medium and heavy commercial vehicles (MHCV) volume grew 7 per cent during the quarter under review and the market share grew to 31.2 per cent from 30 per cent, Ashok Leyland said. The domestic light commercial vehicles volume in Q1 FY'24 stood at 14,821 units, registering a growth of three per cent over 14,384 units a year ago, the company said. "With the industry maintaining the growth in Q1 FY '24, we have been able to post excellent results with focused market performance while reining in costs. We have continued to grow our market share in Q1," said Dheeraj Hinduja, Executive Chairman, Ashok Leyland. The company is concurrently intensifying its efforts in international expansion, he said, adding, "through our electric vehicle subsidiary, Switch Mobility, we are actively moving towards net zero carbon mobility." According to the company, EBITDA grew 10 per cent to Rs 821 crore for the reporting quarter, as against 4.4 per cent (Rs 320 crore) in the year-ago period. Tax expense for the quarter was lower as it considers a one-time deferred tax credit of Rs 172 crore on account of expected transition to lower tax regime in the following financial year, the company said. The net debt-to-equity stood at 0.2 times at the end of Q1FY24, Ashok Leyland said. "With expansion in revenues and efficient cost management we have seen our bottom line improving substantially. "While we continue to expand our market penetration on the back of efficient products and expanding the network, we shall remain acutely focused on achieving and sustaining double-digit profitability," said Shenu Agarwal, Managing Director and CEO at Ashok Leyland.

Ashok Leyland Q1 2023-24 net profit jumps over eight fold to Rs 576 cr

The <keyword id="120582" type="General" weightage="20" keywordseo="hinduja-group" source="Orion">Hinduja group</keyword> has made an offer to invest an additional ₹300 crore in <keyword id="157626" type="General" weightage="20" keywordseo="reliance-general-insurance" source="Orion">Reliance General Insurance</keyword>. <keyword id="10926" type="General" weightage="20" keywordseo="reliance" source="Orion">Reliance</keyword> General Insurance, a unit of Reliance Capital, needs a cash infusion to maintain solvency levels. IndusInd International Holdings Ltd (<keyword id="1424679" type="General" weightage="20" keywordseo="iihl" source="Orion">IIHL</keyword>), which is owned by <keyword id="28125" type="General" weightage="20" keywordseo="hinduja" source="Orion">Hinduja</keyword>, made the highest bid of ₹9,650 crore for Reliance Capital in a second auction on Wednesday. Reliance General Insurance had sought ₹600 crore cash infusion from lenders in December last year to meet the solvency requirements of the IRDA. The lenders earlier rejected the call for fund infusion from their pocket, putting the onus on the general insurance firm to the incoming investor. The bid amount of ₹9,650 crore will go to lenders who had lent ₹24,000 crore to Reliance Capital. The Committee of Creditors (COC) of Reliance Capital will hold a meeting on Friday where the top officials of the Hinduja group will make a presentation on its resolution plan. Reliance Capital owns a 51 per cent stake in Reliance Nippon Life Insurance and 100 per cent in Reliance Nippon General Insurance. The Hinduja group has a presence in the financial services sector through its stake in Indusind Bank and Hinduja Leyland Finance, a non-banking finance company owned by Ashok Leyland. The group has a housing finance business which is core to its strategy to increase its presence in financial services. At a consolidated level, as on December 31, 2022, the AUM (assets under management) of Hinduja Leyland Finance stood at ₹33,353 crore of which the housing finance business accounted for 18 per cent. In addition to ₹9,650 crore, the company has also offered ₹300 crore capital infusion in Reliance General Insurance, and another ₹50 crore for other expenses. The total value of IIHL's bid is ₹10,000 crore. The total Hinduja bid is ₹1,900 crore more compared to its own bid of ₹8,110 crore in the first challenge mechanism. Torrent, which decided to skip the second auction, had offered ₹8,640 crore in the first auction. The new Hinduja bid is higher by ₹1,380 crore. Torrent has moved the Supreme Court on banks' plans to launch a second auction. The matter will be heard in August. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/how-to-grant-social-benefits-to-same-sex-couples-sc-asks-centre/articleshow/99815407.cms">'How to grant social benefits to same-sex couples', SC asks Centre</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/anil-agarwal-makes-zero-debt-pledge-says-very-comfortable-servicing-debt/articleshow/99815431.cms">Anil Agarwal makes 'zero debt' pledge, says 'very comfortable' servicing debt</a>

Hinduja group offers to infuse ₹300 crore in Reliance General Insurance

<ul><li>The SGX Nifty was trading nearly a percent higher, indicating a positive start for the Sensex and Nifty50.</li><li>Here's a list of stocks to watch out for in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Amid positive cues from the global market, Indian stock-market indices are likely to open higher on Thursday. At 8:05 am, the SGX Nifty was trading nearly a percent higher, indicating a positive start for the Sensex and Nifty50. On Wednesday, the <keyword id="70622" type="ORGANIZATION" weightage="20" keywordseo="Dow-Jones-Industrial-Average">Dow Jones Industrial Average</keyword> gained 1.05%, to 27,976.84 points. These are the stocks to watch out for during the trading session on August 13: Tata Power The board of Tata Power has approved the merger of its wholly-owned subsidiary Coastal Gujarat Power Ltd, into the parent company to provide financial relief as it continues to face losses. Gujarat Power operates the ultra mega power plant at Mundra. Besides that, the company on Wednesday posted a consolidated net profit of ₹268 crore, up 10% compared to the same quarter last year. The shares of Tata Power ended nearly 3% higher yesterday. <keyword id="146218" type="COMPANY" weightage="20" keywordseo="Britannia-Industries">Britannia Industries</keyword> According to a stock-exchange filing Britannia Industries has allotted ‘commercial papers’ for an aggregate amount of ₹300 crores on August 12, with tenure of 12 months. Commercial paper is an unsecured debt instrument issued typically for the financing of a firm’s short-term liabilities. The shares of Britannia Industries ended over 2% lower yesterday. <keyword id="6357252" type="COMPANY" weightage="20" keywordseo="Hero-MotoCorp">Hero MotoCorp</keyword> Hero MotoCorp is slated to report its first quarterly earnings, today. According analysts, the company is expected to see a 66% revenue dip, and over 88% fall in its profit. The shares of Hero MotoCorp ended over 2% higher yesterday. Ashok Leyland <keyword id="120582" type="COMPANY" weightage="20" keywordseo="Hinduja-Group">Hinduja Group</keyword> flagship firm Ashok Leyland reported a consolidated net loss of ₹388.82 crore for the first quarter ended June 30. The company’s revenue from operations in April-June 2020 significantly declined to ₹1,486.04 crore as compared with ₹6,588.23 crore in the year-ago period. The shares of Ashok Leyland ended nearly 4% higher yesterday. Aurobindo Pharma Drugmaker Aurobindo Pharma’s net profit was up 22.81% to ₹780.68 crore for the quarter ended on June 30, 2020, mainly on account of robust sales in the US market. The shares of Aurobindo Pharma ended nearly 1% lower yesterday. <keyword id="6363556" type="DOMAIN" weightage="20" keywordseo="indiabulls">Indiabulls</keyword> Housing Finance Sameer Gehlaut has stepped down as the Executive Chairman of Indiabulls Housing Finance (IBH). The company has appointed former RBI deputy governor SS Mundra as its non-executive chairman with immediate effect. The shares of Indiabulls Housing Finance ended over 2% higher yesterday. Mahindra &amp; Mahindra Financial Services Mahindra &amp; Mahindra Financial Services has raised ₹3,088.82 crore through a rights issue which was oversubscribed approximately 1.3 times. The rights issue of the deposit-taking non-banking finance company closed on Tuesday. The shares of Mahindra &amp; Mahindra Financial Services ended nearly 1% higher yesterday. Eicher Motors, GAIL India, Grasim Industries, Aditya Birla Fashion These companies are slated to report their first quarterly earnings today. SEE ALSO:<a href="https://www.businessinsider.in/india/news/interglobe-aviation-indigo-shares-gained-over-9-after-the-company-decides-to-lease-back-12-of-its-aircrafts/articleshow/77500385.cms" data-type="tilCustomLink"> IndiGo shares rally over 9% after the company decides to lease back 12 of its aircrafts</a> <a href="https://www.businessinsider.in/tech/news/it-only-takes-50-tweets-to-find-a-troll-on-twitter/articleshow/77512151.cms" data-type="tilCustomLink">It only takes 50 tweets to find a troll on Twitter</a>

Top stocks to watch today— Britannia, Hero MotoCorp, Ashok Leyland, M&M Financial, Indiabulls Housing and more

<ul><li>The ₹150 crore IPO of Craftsman Automation will open on March 15.</li><li>It plans to use the funds to repay its ₹120 crore debt and for general corporate purposes.</li><li>The company’s comprehensive solutions include design, process engineering and manufacturing, including foundry, heat treatment, fabrication, machining and assembly facilities.</li><li>Its customer base includes Tata Motors, Daimler India, Tata Cummins, Mahindra &amp; Mahindra, Royal Enfield, Siemens, Escorts, and Ashok Leyland. </li></ul>The ₹150 crore initial public offering (IPO) of auto and engineering components maker Craftsman Automation is set to hit the capital markets on March 15. The company has fixed a price band of ₹1,488–1,490 a share for its IPO. The three-day public issue will close on March 17. It plans to use the funds to repay its ₹120 crore debt and for general corporate purposes. Craftsman Automation is a diversified engineering company with vertically integrated manufacturing capabilities, engaged in 3 business segments <ul><li>Automotive — powertrain and others</li><li>Automotive — aluminium products</li><li>Industrial and engineering.</li></ul>Craftsman Automation IPO opens next week <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Issue details </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Opens on </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 15 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Closes on </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 17 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Price band </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,488–1,490 per share </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Minimum bid </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 equity shares </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reservation for qualified institutional buyers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">50% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reservation for non-institutional buyers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reservation for retail investors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">35% </td></tr></tbody></table> Once the IPO is concluded, the equity shares will be listed on both the exchanges — BSE and NSE. Axis Capital and IIFL Securities are the book running lead managers for its public offering IPO. Craftsman Automation: All you need to know <ul><li>The company’s comprehensive solutions include design, process engineering and manufacturing, including foundry, heat treatment, fabrication, machining and assembly facilities.</li><li>It owns and operates 12 strategically located manufacturing facilities across 7 cities in India.</li><li>Craftsman has relationships with several marquee domestic and global OEMs as well as component manufacturers. Its customer base includes Tata Motors, Daimler India, Tata Cummins, Mahindra &amp; Mahindra, Royal Enfield, Siemens, Escorts, and Ashok Leyland.</li><li>The company has received funding from global investors such as International Finance Corporation (IFC) and Marina III Singapore Pte Ltd. Presently, IFC and Marina have 14.06% and 15.50% shareholding, respectively, in the company.</li><li>Its revenue from operations increased by 20% to ₹1,818 crore in March 2019 (YoY). However, in March 2020 the revenue dipped 17% in the corresponding year-ago period.</li><li>The company’s profit also plunged nearly 59% to ₹57.39 crore in FY20 (YoY).</li></ul> SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/gold-prices-are-falling-and-the-worlds-biggest-market-for-the-yellow-metal-is-hoping-for-more-shoppers/articleshow/81406658.cms">Gold prices are falling and the world’s biggest market for the yellow metal is hoping for more shoppers</a> <a href="https://www.businessinsider.in/business/startups/news/ola-loses-another-founding-member-as-pranay-jivrajka-leaves-the-ride-hailing-giant/articleshow/81404690.cms">Ola loses another founding member as Pranay Jivrajka leaves the ride-hailing giant</a>

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Ashok Leyland PAT nearly triples to Rs 561 cr in September quarter

PTI

Ashok Leyland Q1 2023-24 net profit jumps over eight fold to Rs 576 cr

PTI

Hinduja group offers to infuse ₹300 crore in Reliance General Insurance

IANS

Top stocks to watch today— Britannia, Hero MotoCorp, Ashok Leyland, M&M Financial, Indiabulls Housing and more

Navdeep Yadav

Auto components maker Craftsman Automation’s ₹150 crore IPO to hit the capital markets next week — price band fixed at ₹1,488–1,490

Navdeep Yadav

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