Commercial vehicle major Ashok Leyland posted a 44% dip in consolidated profit at Rs 247 crore in the first quarter of current fiscal. The company had posted a profit of Rs 443.32 crore in the April-June quarter a year ago.
The company's consolidated revenue from operations declined 8% during the quarter under review to Rs 6,612.42 crore from Rs 7,193.79 crore in the corresponding quarter of 2018-19.
"With signs of slower demand, we are closely watching the developments in the industry. We continue to take cost out and drive productivity and growth initiatives," Ashok Leyland Whole Time Director and Chief Financial Officer Gopal Mahadevan said in a statement.
Ashok Leyland has published the consolidated quarterly results for the first time in this quarter, the company 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 revenue signifies efficient cost management in the company," Ashok Leyland Chairman Dheeraj G Hinduja said.
"We are well on course to introduce BS-VI vehicles and will be seeding vehicles shortly," he added. The board of directors of Ashok Leyland also approved raising of Rs 600 crore via issue of securities.
