The commercial vehicle manufacturer had posted a net profit of Rs 27.75 crore in year ago period. During the quarter , revenue from operations rose by 20% to Rs 4,814 crore from Rs 4016 crore.
Hinduja flagship Ashok Leyland has reported a standalone net loss of Rs 19.38 crore for the third quarter ended December as it included one time VRS expenditure of Rs 85 crore. The commercial vehicle manufacturer had posted a net profit of Rs 27.75 crore in year ago period. During the quarter , revenue from operations rose by 20% to Rs 4,814 crore from Rs 4016 crore.
The company reported an EBITDA of 5.3% for Q3 FY21 against an EBITDA of 2.8% in Q2 FY’21 and 5.6% in Q3 FY20. After eight continuous quarters of de-growth, the MHCV truck total industry volume (TIV) has registered a year on year growth of 16% in Q3.
Vipin Sondhi, MD & CEO, Ashok Leyland, said: “We have seen a marked improvement in the company’s performance in this quarter. All our newly launched products and our innovative i-Gen6 (Mid-NOx) BS6 solution have proved their mettle across the markets. On the cost front, our focus on controlling costs has paid dividends for us this quarter.”
Gopal Mahadevan, director & CFO, said: “The performance for this quarter, which resulted in a positive EBITDA of 5.3%, was made possible owing to the revenue enhancement and operational efficiency initiatives of the company during challenging times. LCV, aftermarket, defence and power solutions businesses have performed well,” he added.