Hinduja Group flagship Ashok Leyland has recorded consolidated net profit for the April-June 2019 period at Rs 274.96 crore.
The city-based heavy commercial vehicle major clocked consolidated net profit at Rs 463.78 crore during the same period last fiscal.
For the financial year ending March 31, 2019, consolidated net profit was at Rs 2,194.60 crore.
Total income for the April-June quarter was at Rs 6,612.42 crore as against Rs 7,193.79 crore registered year ago.
For the full year ending March 31, 2019, total income of the company was at Rs 33,324.90 crore.
Commenting on the financial performance, company Chairman Dheeraj G Hinduja said "While the industry has witnessed a decline in volume of 17 per cent, Ashok Leyland's market share has grown by 4 per cent."
"Our EBITDA at 9.4 per cent despite decline in revenues signifies efficient cost management in the company. We are well on course to introduce BSVI vehicles and will be seeding vehicles shortly," he said.
Despite a drop in the total industry volume by five per cent, he said the company's light commercial vehicle business continues to do very well and posted a 12 per cent growth. Ashok Leyland Ltd Chief Financial Officer and Whole Time Director Gopal Mahadevan said "With signs of slower demand, we are closely watching developments in the industry."
In another notification to stock exchanges, Ashok Leyland said the Board of Directors have approved to offer or invite subscriptions for bonds, redeemable non-convertible debentures, in one or more tranches aggregating up to Rs 600 crore subject to approval of the shareholders.
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