Canindia News

Ashok Leyland posts steep fall in net profit for Q3

Chennai, Feb 12 (IANS) Commercial vehicle maker Ashok Leyland Ltd on Wednesday said it closed the third quarter of its fiscal with a net profit of Rs 28 crore.

In a statement issued here, the company said it had posted a net profit of Rs 28 crore down from Rs 381 crore posted during the corresponding quarter of the previous year.

For the period under review, the company had reported a revenue of Rs 4,106 crore as against Rs 6,325 crore for the same period last year.

“We continue our productivity and cost reduction programs started earlier in the year. These initiatives have helped us achieve a sizeable reduction in costs. We are also focusing on cash flows and conserving resources for future growth initiatives,” Gopal Mahadevan, Whole Time Director and Chief Financial Officer was quoted as saying in the statement.

–IANS

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