Hinduja Group flagship Ashok Leyland on Friday reported a 92.61 per cent decline in its net profit to Rs 39 crore for the second quarter ended September 30.
The company had posted a net profit of Rs 528 crore in the July-September period of 2018-19.
Its revenue stood at Rs 3,929 crore for the second quarter, down 48 per cent as compared with Rs 7,621 crore in the year-ago period, Ashok Leyland said in a regulatory filing.
"The industry has witnessed a 53 per cent decline in volumes. Volumes for Ashok Leyland also witnessed a significant drop in this quarter, despite this, we have been able to achieve an Ebitda (earnings before interest, tax, depreciation and amortisation) of 5.8 per cent," Ashok Leyland Chairman Dheeraj G Hinduja said.
Some of the cost management programmes initiated earlier this year have yielded benefits and are reflected in the results, he added.
Shares of Ashok Leyland on Friday ended 0.13 per cent down at Rs 76.60 apiece on the BSE.