Ashok Leyland Appoints K.M. Balaji as New CFO Amid Strong Financial Performance

Ashok Leyland has announced the appointment of K.M. Balaji as its new Chief Financial Officer, effective June 1, 2024. Balaji, currently serving as Deputy CFO, will succeed Gopal Mahadevan, who will transition to the role of Director of Strategic Finance and M&A while continuing his association with the company.

Balaji’s career with Ashok Leyland spans an impressive 31 years, during which he has amassed extensive experience in various areas of finance, including MIS, Budgeting, Product Cost Engineering, Indirect Taxes, Treasury, Investor Relations, and managing Payables and Receivables.

In the meanwhile, Ashok Leyland surpassed fourth-quarter profit estimates, reporting a standalone profit surge of 19.8% to $108.36 million despite weak demand for trucks and buses. The company’s performance exceeded analysts’ expectations, driven by a 7.3% reduction in input and service costs, resulting in a total expense cut of 6.5%. Although sales volume for commercial vehicles declined nearly 6% in the January-March period, revenue only saw a slight decrease of 3.1%. Competitors Tata Motors and Eicher Motors also experienced declining sales volumes in the commercial vehicle segment, but their profit growth was supported by premium vehicle segments like Jaguar Land Rover and Royal Enfield.

Following the results, Ashok Leyland’s shares rose by up to 3.3%, reaching an all-time high. This achievement highlights the company’s resilience and ability to thrive even amid challenging market conditions.

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