Ashok Leyland Q2 net jumps 37.49% to Rs 459.57 crore

Hinduja Group flagship Ashok Leyland Tuesday reported 37.49 per cent jump in standalone net profit at Rs 459.57 crore for the September quarter fuelled by higher revenue.

The company had posted a net profit of Rs 334.25 crore during the same period of the previous fiscal, Ashok Leyland said in a stock exchange filing.

The company also announced resignation of its CEO & MD Vinod K Dasari with effect from March 31, 2019.

"After a successful stint of almost 14 years with Ashok Leyland, first as a Chief Operating Officer (COO) and then as CEO and MD, Vinod K. Dasari has decided to pursue his personal interests and seek new learning. Respecting his personal decision, the board in its meeting today accepted his resignation," Ashok Leyland said.

"Dheeraj Hinduja, chairman will take over as executive chairman with immediate effect," the company added.

Ashok Leyland said the nominations and remuneration committee of the board will meet shortly to decide the future course of action in identifying the next CEO and MD.

During the quarter under review, Ashok Leyland's revenue from operations stood at Rs 7,607.98 crore, up 25.20 per cent as against Rs 6,076.38 crore during the July-September quarter of 2017-18.

"In a challenging market scenario and aggressive competitive environment, we have registered a record financial performance," Dasari said.

Ashok Leyland CFO Gopal Mahadevan said while input cost increases continue, the company is attempting to neutralise this through efficient cost management.

Shares of Ashok Leyland settled 0.80 per cent higher at Rs 119.05 apiece on the BSE.