Ashok Leyland Q1 net up
By Our Corporate Bureau | 22 Jul 2003
Chennai: Commercial vehicle major Ashok Leyland has reported a net profit of Rs 14.8 crore in the first quarter of the current fiscal year — a 51.9 per cent rise over Rs 9.7 crore in first quarter of last year. The sales turnover for the quarter, at Rs 6,84.4 crore (Rs 6,49.7 crore), grew 5.3 per cent. With an expenditure of Rs 6,32.3 crore (Rs 5,89.1 crore), the gross operating margin is lower at Rs 52 crore (Rs 60.6 crore), reflecting input cost increases. Whereas financial expenses at Rs 8.5 crore (Rs 17.6 crore), have been reduced by 51.5 per cent, depreciation is lower by 10.6 per cent at Rs 22.9 crore (Rs 25.7 crore).
The profit before tax of Rs 21.7 crore (Rs 15.5 crore) represents an improvement of 39.9 per cent. The provision for current and deferred taxation is higher at Rs 5.6 crore and Rs 1.2 crore, respectively.
Says Ashok Leyland managing director R Seshasayee: "The upward revision in gross domestic product growth estimates and the gear shift in economic activity have improved the current year's prospects for the commercial vehicle industry. There is already an upswing in market demand."