The Hindu Business Line : Ashok Leyland Q3 net down 30 pc

ASHOK Leyland has reported a 30 per cent drop in net profit at Rs 13.51 crore for the quarter ended December 2001, against Rs 19.38 crore in the same period the previous year.

For the nine-month period ended December 2001, the company's net profit was higher at Rs 22.63 crore (Rs 14.62 crore).

Net profit of the quarter bears the impact of the deferred taxation provision of Rs 5.6 crore.

Turnover in the third-quarter fell to Rs 528.69 crore (Rs 605.90 crore).

"Despite a 12.7 per cent fall in sales, gross operating margin has improved to Rs 66.05 crore, from Rs 60.32 crore previously," the company has said in a press release. This, it says, reflects better sales mix and cost control.

Speaking to Business Line, the company's Executive Director (Finance), Mr T. Ananthanarayanan, said that the company had been able to bring down the raw material costs.

Also, Ashok Leyland had been able to sell more to defence multi-axle vehicles and private passenger vehicles.

But the third-quarter sales were affected by lower offtake by the State transport undertakings, the company's Managing Director, Mr R. Seshasayee, has said in the press release.

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