Ashok Leyland Q1 net soars two-fold to Rs 291 cr

Ashok Leyland changes gear on brand refresh

  Ashok Leyland has reported a 101 per cent growth in PAT at Rs 291 crore during the quarter ended June 30, 2016 as against Rs 144.50 crore, a year ago. Company's revenue rose by 10 per cent to Rs 4,258.84 crore from Rs 3,883.13 crore in the year-ago period.

MHCV domestic volume for the quarter was 22,061 units, a record high.

Vinod K. Dasari, managing director, Ashok Leyland Limited said that the company recorded a domestic volume growth of 18.5 per cent as against the industry growth of 14.5 per cent.

"Our initiatives on network development, operational efficiency, talent development, and new products continue. Key exports markets were down in Q1 but are expected to bounce back in Q2 and beyond," he added.

Company's debt equity ratio was at 0.3:1.

EBITDA for the first quarter of FY7 is Rs 476.27 crores (11.2% of sales) as against Rs 392.50 crore (10.1%) in year-ago period.

The current quarter includes gain on currency and interest rate swap of Rs.49.67 crore vis-a-vis a loss of Rs18.05 crore in the previous year as per the reporting standard requirements under Indian Accounting Standards ("Ind As") which is disclosed separately in the results, said the company.