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Ashok Leyland revs up after Q1 result

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Ashok Leyland was up 1.14% to Rs 70.7 at 10:15 IST on the BSE after consolidated net profit declined 40.6% to Rs 248.84 crore on 7.5% fall in net sales to Rs 6514.73 crore in Q1 June 2019 over Q1 June 2018.

The result was announced after market hours yesterday, 31 July 2019.

Meanwhile, the S&P BSE Sensex was down by 52.62 points or 0.14% to 37,830.83.

On the BSE, 1.61 lakh shares were traded in the counter so far compared with average daily volumes of 14.68 lakh shares in the past two weeks. The stock had hit a high of Rs 72.5 so far during the day. The stock had hit a low of Rs 67.2 so far during the day, which is also 52-week low for the counter. It hit a 52-week high of Rs 135.1 on 3 September 2018.

EBITDA margin was at 9.4% in Q1 June 2019 compared with 10.4% in Q1 June 2018.

The company's market share in the medium and heavy commercial vehicle (M&HCV) segment for the quarter grew by 4% to 34.1%. The total industry volume declined by 17%.

Commenting on company's Q1 performance, Dheeraj Hinduja, chairman said, "While the industry has witnessed a decline in volume of 17%, Ashok Leyland's market share has grown by 4%. Our EBITDA at 9.4% despite decline in revenues signifies efficient cost management in the company. We are well on course to introduce BS VI vehicles and will be seeding vehicles shortly. The LCV business posted a growth of 12%."

Ashok Leyland is a flagship of Hinduja Group, which is engaged in production of buses, trucks, engines, defense and special vehicles.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, August 01 2019. 10:23 IST