Commercial vehicle maker Ashok Leyland reported a standalone net profit of ₹111.23 crore for the quarter ended June 2017, down from ₹290.78 crore in year-earlier period. Total income from operations stood at ₹4,552.79 crore (₹4,569.84 crore).
The Hinduja flagship company said the profitability in the year-earlier quarter was primarily because of richer mix and exchange gain on swap contracts.
“It has been a very satisfying quarter for us,” said Vinod K Dasari,MD. Challenges notwithstanding, the robust market share growth exemplified the technological leadership of Ashok Leyland, he added.
Loss from exceptional items during the quarter stood at ₹12.56 crore including impairment loss allowance on loans to a subsidiary.
On outlook, the company said, “the next three quarters look promising as the demand is expected to pick up on the back of government spending on infrastructure as well as positive impact of GST (Goods and Services Tax).”
