Ashok Leyland Q2 net profit at Rs 334 cr

Hinduja Group flagship Ashok Leyland today reported a standalone net profit of Rs 334.25 crore for the September quarter, fuelled by higher income and increased export volumes.
The company had posted a net profit of Rs 294.41 crore during the same period of the previous fiscal, Ashok Leyland said in a stock exchange filing.
The commercial vehicle maker said the results for the quarter are not comparable due to merger of Hinduja Foundries Ltd with the company effective October 1, 2016.
"The results for the period ended September 30, 2016 does not include the results of Hinduja Foundries and hence not comparable," the company said.

Total income during the quarter under review stood at Rs 6,102.55 crore. It was Rs 4,943.23 crore during the July- September quarter of 2016-17.
The company said the export volumes grew by 39 per cent to 4,437 units during the quarter.

"Despite all the challenges, our robust market share growth exemplifies the technological leadership of Ashok Leyland. Our iEGR technology for BS IV have been well accepted by the customers," Ashok Leyland Managing Director Vinod K Dasari said.
Sales of medium and commercial vehicles in domestic market was up by 22 per cent, the company said adding that volumes of light commercial vehicles was at 9,588 units, an increase of 18 per cent.

Ashok Leyland CFO Gopal Mahadevan said: "Our working capital continues to be in control and debt/equity for the quarter was 0.35:1."
The stock was trading 2.42 per cent down at Rs 119.05 apiece on BSE.