Mumbai, July 21 (IANS) Hinduja Group flagship firm Ashok Leyland on Friday reported a decline of 61.74 per cent in its standalone net profit for the first quarter (Q1) of 2017-18.
The company’s profit after tax (PAT) for the quarter under review declined to Rs 111.24 crore from Rs 290.78 crore reported for the corresponding period of last fiscal.
According to the firm, the profitability for the quarter was lower, primarily due to a “richer mix and exchange gain” on swap contracts in Q1 of last year.
Besides, the company’s revenue slipped to Rs 4,514.39 crore for the quarter ended June 30 from Rs 4,531.33 crore earned during Q1 of 2016-17.
“Despite all the challenges, our robust market share growth exemplifies the technological leadership of Ashok Leyland,” said Vinod K. Dasari, Managing Director, Ashok Leyland.
“Our recently launched iEGR technology for BS-IV has been well accepted by customers and we are ramping up capacity to cater to the growing demand. This technology is by far the best solution for Indian conditions.”