Ashok Leyland records Rs 32 crore net profit in Q3

Ashok Leyland, flagship of the Hinduja Group, has reported revenues of Rs 3,361.00 crore, as against Rs 1,953.21 crores for the corresponding period the previous year. Net profit stood at Rs 32.09 crore for Q3, as against a net loss of Rs 167.21 crore for Q3 in 2013.

For the year-to-date, the company’s operating profit was at Rs 588.62 crore as against an operating loss of Rs 17.38 crore for the first nine months in 2013.

Managing director Vinod K Dasari said, “This marks a significant turnaround for the company. Our single-minded focus on fiscal discipline and customer profitability is reflected in these results. In addition to our export orders from Sri Lanka and Africa, we hope to make significant inroads into newer markets, maintain network expansion and also open small assembly centres in overseas markets like our experience in Ras Al Khaimah (UAE).  We are reasonably confident that the domestic market is indeed coming back and that the worst may be behind us.”

Ashok Leyland has received good orders for buses from state transport undertakings which it announced ahead of the period under review. A significant portion is for the Jan Bus, estimated at 2,000 units.

The company has also bagged two integrated transport projects in Tanzania and Zimbabwe, together worth $79.2 million (about Rs 500 crore). Besides trucks and buses, LCVs and spares, these projects will address a variety of mobility requirements in various tourism and economic development programmes.