Ashok Leyland slips on weak sales data

Ashok Leyland declined 4.07% to Rs 41.30 after the company reported a 90% decline in total sales at 2,179 units for March 2020, as against 21,535 units in the same month last year.

On a month-on-month (M-o-M) basis, total sales tanked 81.01% in March 2020 from 11,475 units in February 2020.

Sales for its medium and heavy commercial vehicles (M&HCV) dropped by 89% at 1,831 units in March as against 16,034 units in the year-ago period, the company said in a filing. Light commercial vehicles (LCV) sales also declined by 94% and stood at 348 units as against 5,501 units in March last year. The announcement was made during trading hours yesterday, 1 April 2020.

On a consolidated basis, the company's net profit slumped 93.29% to Rs 26.79 crore on a 30.48% fall in net sales to Rs 5,148.15 crore in Q3 December 2019 over Q3 December 2018.

Ashok Leyland, flagship of the Hinduja group, is among the largest manufacturer of commercial vehicles in India and also among the biggest manufacturers of buses and trucks globally.

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