Ashok Leyland Q3 net down 83% at Rs 21 cr

Ashok Leyland, a Chennai-based commercial vehicle manufacturer and the flagship company of the Hinduja Group, has posted 82.64 per cent drop in net profit at Rs 21.09 crore for the third quarter ended December 31, 2008, as compared to Rs 121.49 crore posted during the same period a year ago.

The company's income from operations decreased by 44 per cent to Rs 1,000.84 crore during the third quarter as compared to Rs 1,800.08 crore during the same period last year. Total expenditure dropped by 43 per cent to Rs 953 crore as compared to Rs 1,675 crore.

Meanwhile, in terms of domestic sales too, Ashok Leyland witnessed a slump and reported 74 per cent drop during the December at 1,420 units as against 5,488 units sold in the same month in fiscal 2008. However, the company can cheer about increase in export sales that increased by 8 per cent to 901 units in December 2008 as compared to the same period a year ago.

 

Following the general trend of slowdown in the automobile industry, Ashok Leyland's total production dropped by 86 per cent to 960 units during the period under mention as against 7,110 units manufactured in December last year.

The company's goods carrying medium and heavy commercial vehicle segment saw domestic sales dip by 87 per cent to 637 units as compared to 4,153 units. Production in this segment dipped by 90 per cent to 287 units in December 2008 as against 5,434 units during the same period a year ago. However, exports in this segment increased by 100 per cent to 424 units from 194 units during the same period.