Latest news with #OptarePlc
Business Standard
3 days ago
- Automotive
- Business Standard
Ashok Leyland secures contract for supplying 543 buses to Tamil Nadu State Transport
Ashok Leyland said that it has bagged an order for supplying 543 units of BS-VI diesel chassis and fully built buses to Tamil Nadu State Transport Corporation. The aforementioned order has been awarded to the company post normal tender process with standard business prudent norms, terms and conditions. The total consider that would be received by Ashok Leyland is Rs 183.80 crore. The buses have to be delivered during the period from June 2025 to December 2025. Seperatelty, Ashok Leyland stated that its subsidiary Optare Plc. UK has entered into a share purchase agreement with Dana Ltd for purchase of their 1.01% stake in Switch Mobility Limited, UK (SML UK). Post this acquisition, Optare Plcs shareholding in SML UK would increase from 98.56% to 99.57% and consequently, Optare Plc. UK along with Hinduja Automotive Limited, UK, will hold 100% in SML UK. Ashok Leyland is engaged in the manufacture and sale of a wide range of commercial vehicles. The company also manufactures engines for industrial and marine applications, forgings, and castings. The company reported a 38.4% year-on-year rise in standalone net profit at Rs 1,245.87 crore for the quarter ended March 2025, compared to Rs 900.41 crore in the same period last year. Revenue from operations rose 5.68% to Rs 11,906.71 crore posted in the fourth quarter of FY25 as against Rs 11,266.66 crore posted in Q4 FY24. The scrip shed 0.28% to currently trade at Rs 235.40 on the BSE.
Business Upturn
3 days ago
- Business
- Business Upturn
Ashok Leyland increases stake in UK's Switch Mobility to 100%
Ashok Leyland's UK-based subsidiary, Optare Plc, has completed the acquisition of a 1.01% stake in Switch Mobility Limited, UK, from Dana Ltd., raising its total stake to 99.57%. Following this, Optare Plc and Hinduja Automotive Ltd. will now jointly hold 100% ownership in the electric vehicle arm. The strategic acquisition, formalized through a Share Purchase Agreement signed on June 3, 2025, strengthens Ashok Leyland's control over Switch Mobility and aligns with the group's broader electric mobility ambitions. The transaction reinforces Ashok Leyland's continued investment and expansion plans in the EV segment, particularly in Europe and India through Switch Mobility, which is focused on developing next-generation electric buses and light commercial vehicles. The company communicated the regulatory filing under SEBI's Listing Obligations and Disclosure Requirements Regulation 30, notifying exchanges BSE and NSE of the development. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Time of India
23-05-2025
- Automotive
- Time of India
Ashok Leyland's Switch Mobility eyes breakeven this fiscal
Ashok Leyland 's EV subsidiary, Switch Mobility , plans to achieve break-even in the current fiscal year after turning EBITDA-positive in FY25, said a top company official. Switch Mobility closed Q4 FY25 with a strong double-digit EBITDA margin. Ashok Leyland acquired Switch Mobility in 2020 from the UK-based Optare Plc. The EV arm currently has an order book of over 1,800 electric buses , which will support its robust business plans, said Dheeraj Hinduja, Chairman of Ashok Leyland, during the company's Q4 earnings call. Switch Mobility's product portfolio includes the EiV 12, EiV 22, and IeV 4, with manufacturing units in Chennai, Tamil Nadu, and the UK. The company aims to strengthen its position in the electric commercial vehicle market with multiple launches lined up for FY26. On Friday, Ashok Leyland, the Indian flagship of the Hinduja Group, reported its highest-ever quarterly and annual revenue, EBITDA, and profit after tax (PAT) for FY25. The company posted a revenue of ₹38,753 crore for the fiscal year, with exports registering a 29 per cent growth. The company also ended FY25 with a strong cash position, after accounting for dividends, capex, and investments in group companies. Leveraging this surplus, Ashok Leyland plans to infuse capital into Switch Mobility, Hinduja Leyland Finance, and other group entities based on evolving market needs, said Shenu Agarwal , Managing Director & CEO, Ashok Leyland. Ashok Leyland's Future Outlook The commercial vehicle giant will continue investing in alternative fuels, including LNG, hydrogen, and EVs—such as its 55-ton electric tractor-trailers. For FY26, the company has planned a capex of ₹1,000 crore, in line with the previous fiscal year. The company informed that it will use its strong cash reserves to drive growth in product innovation, advanced technologies, and enhanced customer experience. The top management remains optimistic about the current fiscal, citing favourable macroeconomic indicators such as a positive monsoon outlook, government capex push, and a recovery in freight movement. Additionally, pent-up demand in the bus segment is expected to further boost sales. Ambitious Targets Ahead Currently positioned among the world's top 20 commercial vehicle manufacturers, Ashok Leyland has set its sights on breaking into the global top 10, according to company officials. The company is also focused on expanding its footprint in the tractor-trailer and intermediate commercial vehicle (ICV) segments, which have shown strong growth. A Pan-India dealer network expansion is underway to support these efforts. To reward shareholders, the Board has approved a 1:1 bonus share issue, citing strong and consistent financial performance.
