Ashok Leyland reported a 92.61% slump in net profit to Rs 39 crore for the second quarter ended 30 September 2019.
The commercial vehicles maker had reported a net profit of Rs 528 crore in Q2 September 2018.Revenue stood at Rs 3,929 crore for the second quarter, down 48.45% compared with Rs 7,621 crore in the year-ago period.
Profit before tax (PBT) (before exceptional item) for the quarter was at Rs 84 crore in Q2 September 2019, a decline of 87.79% compared with PBT of Rs 688 crore in Q2 September 2018.
"The industry has witnessed a 53% 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 of 5.8%," 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 fell 0.13% to Rs 76.60 on Friday, 8 November 2019.
Ashok Leyland is engaged in commercial vehicles and related components. Through its subsidiaries, it is engaged in manufacturing and trading in medium and heavy commercial vehicle, light commercial vehicles, passenger vehicles, automotive aggregates, vehicle financing and engineering design services.
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