Hinduja Group flagship firm Ashok Leyland on Tuesday reported 36.71 percent decline in standalone net profit at Rs 229.97 crore for the quarter ended March 31, 2015.
The company had posted a standalone net profit of Rs 363.39 crore in the same period of the previous fiscal. Net sales on standalone basis during the period under review stood at Rs 4,435.53 crore as against Rs 3,020.95 crore in the year-ago period, up 46.82 percent.
For the fiscal ended March 31, Ashok Leyland said its consolidated net profit was at Rs 133.89 crore. The company had reported a loss of Rs 164.12 crore in the previous fiscal.
Consolidated net sales for FY15 stood at Rs 15,163.92 crore as compared to Rs 11,334.21 crore in the previous fiscal, up 33.78 percent.
Commenting on the performance, Ashok Leyland Managing Director Vinod K Dasari said: "It's been a very gratifying year. All our efforts towards the transformation of the company in terms of pruning costs, rationalising overheads, reducing working capital and at the same time investing smartly in new products and network are paying off."
He further said: "The industry has turned the corners and so have we. I am confident that coming years will see us build on this momentum."
The company sold 66,442 units of medium and heavy commercial vehicles during the year, he added.
During the year, the company generated cash surplus of Rs 2,000 crore aided by positive accruals, QIP, sale of non-core assets and reduction in working capital, all of which resulted reduction in debt, the company said.
Meanwhile, in a separate filing, Ashok Leyland informed BSE that its board has recommended a dividend of Re 0.45 per share of face value of Re 1 each. Shares of Ashok Leyland today closed 2.90 percent down at Rs 72 per scrip on the BSE.
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