Ashok Leyland Q1 net rises 116% to Rs 31.9 cr

BS 200 SCORECARD

Hinduja group flagship Ashok Leyland's net profit shot up 115.7 per cent in the first quarter of the current fiscal year to Rs 31.94 crore, as against Rs 14.81 crore in the corresponding period of the previous fiscal.

Net sales turnover grew 39.3 per cent at Rs 821.20 crore (Rs 589.64 crore). Financial expenses were down 65.2 per cent to Rs 2.98 crore (Rs 8.55 crore). Provision for depreciation was marginally higher by 4.4% at Rs 24 crore (Rs 23 crore).

Profit before tax rose 123.8 per cent to Rs 48.65 crore (Rs 21.74 crore). Provision for current and deferred taxation are higher at Rs 14.39 crore (Rs 5.64 crore) and Rs 2.32 crore (Rs 1.29 crore) respectively.

R Seshasayee, managing director, Ashok Leyland, said: "The rate of volume growth for the quarter benefited from a relatively modest base last year. The impact of delays and distribution skew in the monsoons has a lag effect but needs to be watched. On balance, we maintain our guidance for the year based on a 15-20 per cent growth for the industry." The annual general meeting of the company approved a dividend of 75 per cent for 2003-04.