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Ashok Leyland Q1 results: Reports net loss of Rs 389 crore as sales decline to a tenth

Mumbai: Hinduja Group flagship firm Ashok Leyland on Wednesday reported a loss of Rs 389-crore loss for the June-quarter as sales declined to a tenth due to weak macro-economic elements coupled with the motion restrictions to comprise the coronavirus pandemic.

The nation’s second-largest business autos maker reported a 77% year-on-year drop in consolidated income to Rs 1,486 crore, in accordance to its inventory trade submitting. Earnings earlier than curiosity, tax, depreciation and amortisation (EBITDA) declined 88% to Rs 122 crore.

Standalone income declined 89% year-on-year to Rs 651 crore leading to an after-tax loss of Rs 389 crore.

“With the pandemic hitting us, this has been one of the most challenging quarters for the industry. We saw a significant decline in volumes, consequently, Ashok Leyland also saw a reduction in volume, affecting the financial performance of the company adversely,” Vipin Sondhi, managing director of Ashok Leyland stated in a press notice.

The firm offered solely 3,814 models of business autos in the course of the quarter within the home and export markets, a drop of 90% over the corresponding quarter final yr. Sale of high-margin medium and heavy business autos declined 96%, whereas mild business autos sale fell 78%.

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