Leyland profit declines 16%

Chennai-based commercial vehicle manufacturer Ashok Leyland reported a 16 per cent drop in net profit to Rs 69.41 crore during the second quarter ended September 30, 2008, as against Rs 82.98 crore during the same quarter last year.

The adoption of the new Accounting Standard 30-Financial Instruments: Recognition and measurement issued by the Institute of Chartered Accountants of India with effect from April 1, 2008, helped the firm show better results during the quarter. Else the company’s net profit would have been lower by Rs 21 crore.