Big Order Alert: Commercial vehicle stock in green as it bags new orders for 1282 buses from Gujarat State Road Transport Corporation (GSRTC)!
The stock is up by 40 per cent in 2 years and over 130 per cent in 3 years.
Ashok Leyland, the Indian flagship of the Hinduja Group and the country’s leading commercial vehicle manufacturer, today announced that it has bagged an order for 1,282 fully built buses from Gujarat State Road Transport Corporation (GSRTC). This order, one of the largest from a State Transport Undertaking for a single OEM, will contribute to strengthening Ashok Leyland's dominant position in the Indian bus market.
Under the terms of the order, Ashok Leyland will deliver 55-seater fully assembled BS VI diesel buses in a phased manner. These buses are designed to provide exceptional passenger comfort and will feature the advanced iGen6 BS VI technology, featuring a robust 147 kW (197 hp) H-series engine, which in turn shall enhance safety and comfort, and reduce the overall cost of ownership (TCO).
Ashok Leyland is India’s largest bus manufacturer and the 4th largest in the world. This order represents another step towards solidifying its position of leadership. It also underscores the enduring confidence that our customers consistently place in Ashok Leyland's exceptional products and services.
Speaking on the order win, Mr Sanjeev Kumar, President - M&HCV, Ashok Leyland, added that We are delighted to have received an order from the Gujarat State Road Transport Corporation (GSRTC). GSRTC has a long history of working with Ashok Leyland, and we currently have over 2,600 BSVI buses in their fleet, including 320 fully built midi buses. This new order brings our total order book from State Transport Undertakings to an impressive 4,000 buses. GSRTC is a valued long-term partner, and we are proud of our track record of delivering high-performance vehicles to them. These 11-meter fully assembled diesel buses will feature our in-house developed iGen6 BS VI OBD II technology, which meets the stringent AIS 052 and AIS 153 CMVR bus body standards.
Earlier, the company received significant order wins, valued at Rs 800 crore in the Defence Sector. The contracts awarded also include the procurement of the Field Artillery Tractor (FAT 4x4) and the Gun Towing Vehicle (GTV 6x6).
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According to the financials, the company has a market cap of over Rs 50,000 crore. The net sales increased by 33 per cent to Rs 13,203 crore and the net profit skyrocketed by 411.78 per cent to Rs 803 crore Q4FY23 over Q4FY22. The net sales increased by 66.65 per cent to Rs 42,292 crore in FY23 over FY22. The company reported a net profit of Rs 1,350.91 crore in FY23 compared to a net loss of Rs 292.97 crore in FY22, an increase of 561.11 per cent.
On Friday, shares of Ashok Leyland Ltd surged 1.61 per cent to Rs 176.95 per share from its previous closing of Rs 174.15 with an intraday high of Rs 177.70 and an intraday low of Rs 174.35.
The stock is up by 40 per cent in 2 years and over 130 per cent in 3 years. Investors should keep an eye on this multibagger automobile stock.
Disclaimer: The article is for informational purposes only and not investment advice.