New Delhi: Commercial vehicle major Ashok Leyland on Friday reported 12.12 per cent decline in net profit at Rs 652.99 crore for March quarter, 2018-19. The company posted a profit of Rs 743.12 crore for the same period of 2017-18.
Income from operations rose to Rs 8,722.59 crore for the March quarter as compared with Rs 8,651.55 crore in the year-ago period, Ashok Leyland said in a regulatory filing. For 2018-19 fiscal, the Chennai-based firm reported a consolidated profit of Rs 2,194.6 crore as against Rs 1,813.82 crore in the previous year, an increase of 21 per cent.
Income from operations stood at Rs 32,753.24 crore for last fiscal as compared with Rs 29,522.13 crores in 2017-18. Ashok Leyland Chairman Dheeraj Hinduja said the company has been able to maintain its market share despite competitive pressures in the face of rising costs of input materials and regulatory changes.
"Our light commercial vehicle (LCV) programme continues its winning streak. We are well on our way to the successful introduction of BS VI and together with a range of products planned across the spectrum in FY'21, I am confident of maintaining the current growth momentum," he added. Ashok Leyland CFO Gopal Mahadevan said the company has grown its market share in both trucks and buses in the fourth quarter and will continue to focus on the twin engines of growth and profitability.
"We continue to be net cash positive at the year-end with over Rs 700 crore of cash," he noted. The company's board recommended a dividend of Rs 3.10 per share of Re 1 each for 2018-19.
Ashok Leyland shares Friday ended 5.46 per cent up at Rs 93.65 apiece on the BSE.