Leyland Q2 net up 27%

Ashok Leyland today reported a net profit growth of 27.14% at Rs 95.36 crore for the second quarter ended September 2006 as against Rs 75 crore for Q2FY06.

According to the release issued by the company to the BSE, total income also grew by 34.91% at Rs 1,709.38 crore as compared to Rs 1,267.05 crore in Q2FY06.

Update: Ashok Leyland has decided to set up a plant in Uttaranchal and will invest around Rs 1,100 crore in the new facility.

According to sources, the company will set up base at a 175-acre plant in the Pantnagar area of the hill state, which offers excise and income tax breaks to investors. The decks have been cleared and the company will be handed over the land shortly, the sources said.

The company will manufacture commercial vehicles at the plant and the actual roll-out could take about 1-2 years, they added.

When contacted, a spokesperson for the company could not confirm the news.