Leading truck and bus maker Ashok Leyand has reported a record revenue and profit for the FY18 fiscal.

The Hinduja flagship has posted a profit after tax (including exceptional items) of Rs.1,563 crore as against Rs.1,223 crore, a growth of 28 per cent.

Its revenue (excluding excise duty /GST) stood at Rs.26,248 crore for the year 2017-18, when compared with Rs.20,140 crore in 2016-17, a growth of 30 per cent on the back of record domestic volumes of more than one lakh units, substantial growth in LCV and bigger sales share of higher tonnage vehicles.

EBITDA was up 24 per cent at Rs.2,739 crore (Rs.2,203 crore) on the back of better realisations supported by regular price increases.

"All in all it was a fantastic year. Despite higher demand growth in northern region than South, we managed to maintain our market share (at about 32 per cent) and growth levels," said Vinod Dasari, Managing Director, Ashok Leyland.

While the overall growth of M&HCV was 14 per cent, North market grew by 20 per cent, on the back of overloading restrictions and infrastructure development. But, the southern market, where the company has about 50 per cent share, grew by just six per cent.

He said the company’s LCV business gained a market share of 100 basis points and achieved PBT (profit before tax) positive. Its EBITDA margin was 11.3 per cent.

For the quarter ended March 31, 2018, the net profit (including exceptional gains) grew 40 per cent at Rs.667 crore against Rs.476 crore. EBITDA was up 41 per cent at Rs.1,033 crore (Rs.730 crore).

Its revenue grew by 32 per cent at Rs.8,772 crore (Rs.6,654 crore) amid lower volume growth (15 per cent) than industry growth (19 per cent) during the quarter.

"At the end of FY18, we were cash positive with about Rs.3,000 crore surplus. Our focus on working capital and operational efficiency will continue. Our credit rating has been upgraded to ’AA+’ after a span of 20 years," said Gopal Mahadevan, Chief Financial Officer, Ashok Leyland.

The board has recommended a dividend of Rs.2.43 per per equity share of Rs.1 for the year ended March 31, 2018.

The board also approved a merger of LCV arms Ashok Leyland Vehicles Ltd, Ashley Powertrain Ltd and Ashok Leyland Technologies Ltd with the company.