 "Ashok Leyland tanks on disappointing Q1 earnings")
Ashok Leyland has tanked 9% to Rs 15.90 after reporting higher-than-expected net loss of Rs 142 crore for the quarter ended June 30, 2013 (Q1) due to lower operational income and higher material cost. The company had reported net profit of Rs 67 crore in year ago quarter.
The company’s total income from operations declined 22% year-on-year at Rs 2,364 crore due to drop in volumes.
Analysts on an average expected, Ashok Leyland to report a net loss of Rs 61 crore and net sales of Rs 2,374 crore for the quarter ended June 2013.
On the operating front, EBITDA (earnings before interest, tax, depreciation and amortization) margins declined sharply to 1% from 8% in year ago quarter due to adverse product-mix and lower utilization levels.
The stock opened at Rs 17.30 and hit a low of Rs 15.90, its lowest value since August 2009, on BSE. A combined 17.45 million shares have changed hands on the counter so far on BSE and NSE.
The company’s total income from operations declined 22% year-on-year at Rs 2,364 crore due to drop in volumes.
Analysts on an average expected, Ashok Leyland to report a net loss of Rs 61 crore and net sales of Rs 2,374 crore for the quarter ended June 2013.
On the operating front, EBITDA (earnings before interest, tax, depreciation and amortization) margins declined sharply to 1% from 8% in year ago quarter due to adverse product-mix and lower utilization levels.
The stock opened at Rs 17.30 and hit a low of Rs 15.90, its lowest value since August 2009, on BSE. A combined 17.45 million shares have changed hands on the counter so far on BSE and NSE.
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