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After a subsidiary introduces new LCVs, Ashok Leyland gains more than 1%

8 Sep 2023 , 03:40 PM

Dheeraj Hinduja, chairman of Ashok Leyland and Switch Mobility, commented on the launch by saying that the firm is excited and determined to continue influencing the commercial vehicle (CV) industry’s future.

Following the debut of a new line of electric light commercial vehicles by the company’s EV business, Switch Mobility, shares of Ashok Leyland Limited rose 1.5% to Rs 184.5 in early trading on September 8.

According to the Hinduja Group’s Indian flagship, the series is the country’s first electric commercial vehicle of its kind and intends to offer effective and environmentally friendly solutions for last-mile transportation demands, the firm stated in a filing with the stock exchange on September 7.

The 9-meter Hydrogen Fuel-Cell Electric Bus that Ashok Leyland designed for NTPC (National Thermal Power Corporation) was also on display. This is the first fuel cell bus in India to operate on public highways for profit. The business also displayed the first hydrogen internal combustion engine truck in the nation, which had previously been introduced in partnership with Reliance Industries.

The Switch Mobility series advertises a daily operating range of up to 300 km. Additionally, it contains the Switch iON system, which offers a number of functions that, among other things, provide vehicle information, real-time insights into the position of the car, its operating path, trip history, and the health of EV aggregates.

Ashok Leyland reported a 747% year-over-year (YoY) increase in its standalone net profit for the quarter ended in June to Rs 576.42 crore, helped by increased volumes, lower commodity costs, cost savings, and a deferred tax benefit. The flagship business of the Hinduja group reported a net profit of Rs 68.05 crore during the same period previous year.

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