Ashok Leyland has reported a net loss of Rs. 25 crore for the second quarter ended September 30, 2013, when compared with a net profit of about Rs 143 crore in the year-ago period. The losses in Q2 would have been higher without an exceptional income.
Net sales were down by 23 per cent at Rs 2,498 crore for the quarter under review when compared with Rs. 3,246 crore in the year-ago period, on the back of a double-digit fall in medium and heavy commercial vehicles sales during the quarter.
The company posted a loss of Rs. 34 crore before other income, finance cost and exceptional items as against a profit of Rs. 236 crore.
Its loss from ordinary activities after finance costs but before exceptional items stood at Rs. 135 crore when compared with a profit of Rs. 156 crore.
During the second quarter of this fiscal, the company had an exceptional gain of Rs. 48 crore on sale of investments.
However, the company’s Q2 net sales were higher when compared with Q1 net sales of Rs. 2,313 crore.
The net loss was lower at Rs. 25 crore against a net loss of Rs. 142 crore in Q1 of this fiscal.