Ashok Leyland has reported a revenue of Rs. 17,467 crores for FY20 as against Rs. 29,055 crores for the same period last year.
Vipin Sondhi, MD & CEO, Ashok Leyland, said: “FY20 was a challenging year for the CV industry, which witnessed a significant decline in volumes (42%). Consequently, Ashok Leyland also saw a reduction in volume. Despite the drop in the volumes, we have been able to achieve an EBITDA of 6.7%. owing to the pan-company efforts to drive profitability. Despite the challenging times, we continued our legacy of introducing new and innovative technology in the industry. The unique modular platform ‘AVTR’, gives our customers the flexibility to choose vehicles as per their requirements. This BS VI platform with the innovative i-Gen6 technology will be a game changer in the industry. There has been very positive customer response for AVTR and the enquiries received for AVTR, as well as our LCV range is a very encouraging sign for the quarters to follow.”
Gopal Mahadevan, Whole Time Director & Chief Financial Officer, Ashok Leyland, said: “We continue our productivity and cost reduction programs started earlier in the year. These initiatives have helped us achieve a sizeable reduction in costs. We are also focusing on improving cash flows and conserving resources for future growth initiatives.”