Ashok Leyland, the flagship company of the Hinduja Group, has reported a turnover of Rs. 2,347.98 crore for the quarter ended June 30, 2010, up from Rs. 918.07 crores in the same quarter last year. The net profit is placed at Rs. 122.64 crore (Rs. 7.77 crore).
During the quarter under review, the company sold 21,400 vehicles (7,693 nos.). The domestic sales number stood at 19,460 nos. (6,790 nos).The international operations contributed to sales volume of 1,940 nos. (903 nos).
According to a release, the profit from operations before other income, financial expenses and exceptional items have risen by eight times at Rs. 173.93 crore (loss of Rs. 25.71 crore). The profit before financial expenses and exceptional item stands at Rs. 178.66 crore (Rs. 29.29 crore). Financial expenses are placed at Rs. 31.62 crore (Rs. 25.80 crore), reflecting the impact of fresh loans raised during second-half of last fiscal and also due to lower interest capitalization consequent to commissioning of Pantnagar plant in March this year. Depreciation, at Rs. 61.47 crore (Rs. 43.50 crore), is higher this fiscal consequent to the commissioning of the Pantnagar plant.
“Our first quarter numbers reflect the momentum that we picked up in fourth quarter of the last fiscal which is reflected in the fact that we have gained market share touching 27 per cent,” the release has quoted R. Seshasayee, Managing Director, as saying. “If freight demand continues to be robust, this trend should continue. However, there are some growth dampeners lurking in the form of supply chain constraints, rising interest rates, fuel and raw material prices,” the release has gone on to quote him further.