Record sales push Leyland's net up 89%

Ashok Leyland, the commercial vehicle major, reported 89 per cent growth in net profit to Rs 167 crore during the second quarter of this financial year, as compared to Rs 88.6 crore, during the same period last year. Revenue rose by 72 per cent to Rs 2,714 crore from Rs 1,577.3 crore for the same quarter last year.

This increase in both profits and revenue rode on a record sale of 45,989 vehicles for the first half of 2010-11.

Dheeraj Hinduja is chairman
Dheeraj Hinduja, son of Gopichand Hinduja, was appointed as the new chairman of the country’s leading commercial vehicle major Ashok Leyland. He will replace 80-year old current Chairman R J Shahaney, who has been with the company for more than two decades.

The company board today met in Chennai and elected him as the chairman.

R J Shahaney has resigned as director and chairman of the board, according to company’s announcement to the Bombay Stock Exchange.

Dheeraj, 39, has been with the company as co-chairman for more than 18 months and was involved in purchasing overseas companies for technology and products. He has been a director at the company since 1996.