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Last Updated : Nov 08, 2019 06:16 PM IST | Source: Moneycontrol.com

Ashok Leyland Q2 net profit plunges 93% to Rs 39 crore on weak volumes growth

Ashok Leyland had posted a net profit of Rs 527.7 crore in the year-ago period.

 
 
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India's second-largest commercial vehicle maker Ashok Leyland on November 8 reported a massive 92.6 percent year-on-year decline in its net profit at Rs Rs 38.9 crore for the second quarter ended September 30, 2019.

Ashok Leyland had posted a net profit of Rs 527.7 crore in the year-ago period.

The company posted one-time loss of Rs 64.8 crore in Q2FY20 against loss of Rs 19.3 crore in corresponding period last fiscal, due to expenses on voluntary retirement scheme and provision for obligation relating to a subsidiary.

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Revenue from operations fell 48.4 percent year-on-year to Rs 3,929.5 crore while volumes dropped 44 percent YoY in Q2 to 28,938 units.

Medium and heavy commercial vehicle volumes declined 56 percent and light commercial vehicle sales dipped 11 percent YoY.

At operating level, earnings before interest, tax, depreciation and amortisation (EBITDA) plunged 72.4 percent year-on-year to Rs 228.6 crore and margin contracted 510bps to 5.8 percent in Q2FY20 YoY.

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First Published on Nov 8, 2019 05:45 pm
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