Moneycontrol
Last Updated : Feb 14, 2019 03:33 PM IST | Source: Moneycontrol.com

Ashok Leyland Q3 profit falls 22% to Rs 381 cr, lower sales drag revenue 12%

Medium & heavy commercial vehicle sales volumes were down 17 percent to 29,810 units and light commercial vehicle sales increased 27.7 percent to 13,953 units YoY.

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Country's second largest commercial vehicle maker Ashok Leyland's third quarter profit fell sharply by 21.5 percent year-on-year due to lower sales performance and lower other income.

Profit during the quarter declined to Rs 380.84 crore from Rs 484.86 crore in same period last year.

Revenue from operations in Q3 slipped 12 percent to Rs 6,325 crore YoY as sales volumes during the quarter dropped 6.1 percent YoY and 15.8 percent QoQ.

Company sold 43,763 units in quarter ended December 2018 as tight liquidity, weakening fleet operator profitability and excess freight capacity hit sales.

Medium & heavy commercial vehicle sales volumes were down 17 percent to 29,810 units and light commercial vehicle sales increased 27.7 percent to 13,953 units YoY.

But numbers were ahead of analysts estimates. A CNBC-TV18 estimates for profit stood at Rs 313 crore on revenue of Rs 6,313 crore. EBITDA was estimated at Rs 567 crore and margin at 8.9 percent for the quarter.

At operating level, EBITDA (earnings before interest, tax, depreciation and amortisation) dropped 22.6 percent to Rs 649.6 crore and margin contracted 140 bps to 10.3 percent compared to year-ago.

Other income during the quarter was down by 42.5 percent year-on-year to Rs 80 crore while tax expenses declined 55.5 percent to Rs 106 crore in Q3.

At 15:25 hours IST, the stock was quoting at Rs 83.70, up Rs 4.75, or 6.02 percent on the BSE.
First Published on Feb 14, 2019 03:33 pm
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