Ashok Leyland Q4 net profit plunges 92 pc to Rs 57.78 cr

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Hinduja Group flagship firm
Hinduja Group flagship firm

New Delhi, Jun 25 (PTI) Hinduja Group flagship firm Ashok Leyland on Thursday reported a 92.31 per cent decline in consolidated net profit at Rs 57.78 crore in the fourth quarter ended March 31.

The company had posted a net profit of Rs 751.71 crore in the same quarter of previous fiscal, Ashok Leyland said in a regulatory filing.

Revenue from operations during the quarter under review stood at Rs 5,088.04 crore as against Rs 9,874.04 crore in the year-ago period.

For fiscal year 2019-20, the company posted a consolidated net profit of Rs 459.80 as compared with Rs 2,194.60 crore in 2018-19.

Revenue from operations in FY20 stood at Rs 21,951.27 crore as compared with Rs 33,196.84 crore in FY19.

“This has been a challenging year for the industry, which witnessed a significant decline in volumes (of 42 per cent). Consequently, Ashok Leyland also saw a reduction in volume,” Ashok Leyland Managing Director and CEO Vipin Sondhi said.

He further said, “Despite the drop in the volumes, we have been able to achieve an EBITDA of 6.7 per cent owing to the pan-company efforts to drive profitability.”

Sondhi said despite the challenging times, the company brought new products and technology with the launch of its modular business platform ‘AVTR’, giving customers the flexibility to choose vehicles as per their requirements.

“There has been a very positive customer response for AVTR and the enquiries received for AVTR, as well as our LCV range is a very encouraging sign for the quarters to follow,” he said.

Source:PTI

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