The turnover during this period was Rs 1,738.13 crore (Rs 1,288.73 crore). The 35 per cent increase in sales was directly on account of a similar percentage increase in volumes clearly reflecting that realisation per unit had not improved as yet for the industry. ALL during April-December 1999 has sold 24,930 units as against 18,440 units in the previous period.

The operating profit was Rs 133.09 crore (Rs 74.96 crore), higher by 78 per cent. Margins at operating level were 7.70 per cent (5.80 per cent) and the near 2 per cent improvement has been possible on account of cost-cutting.

Strategic sourcing through rationalisation of suppliers and continuous cost reduction measures have helped the company in improving the operating level margins, said executive director finance T Anantha Narayanan.

ALL has also managed to effect a 20 per cent reduction in its interest cost basically on account of better working capital management.

It has swapped high-cost loans during the year as a result bringing down its average cost of funds by 150 to 200 basis points, he added. Interest cost was Rs 64.42 crore (Rs 80.37 crore).

Depreciation was higher at Rs 62.62 crore (Rs 56.31 crore) on account of increased capitalisation and tax provision was Rs 2.15 crore (nil).

The company through a press release has also stated that its trucks complying with 2000 emission norms have been well-accepted in the market and its products displayed at the recent Auto Expo in Delhi have received some serious enquiries.