Wednesday, Jan 26, 2005
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By Our Special Correspondent
CHENNAI, JAN. 25. Ashok Leyland Ltd. (ALL) reported a net profit of Rs. 53.65 crores (Rs. 37.99 crores) for the quarter ended December 2004, registering a 41 per cent rise on year-on-year basis. The company sold 12,831 vehicles during the quarter, up from12, 489. The sales turnover has increased by 15.79 per cent to Rs. 1,143.35 crores (Rs. 987.41 crores). The gross operating margin has improved by 21.1 per cent to Rs. 101.95 crores (Rs. 84.17 crores). Other income accounted for Rs. 6.22 crores (Rs. 1.80 crores). Thegross profit went up by 30.5 per cent to Rs. 106.34 crores (Rs. 81.48 crores). The profit before extra-ordinary item and tax at Rs. 80.83 crores (Rs. 58.20 crores) is up 38.9 per cent. Extra-ordinary item (VRS compensation amortised) is higher at Rs. 2.42 crores (Rs. 1.80 crores). The profit before tax stood at Rs. 78.41 crores (Rs. 56.40 crores). The provision for current taxation and deferred taxation was higher at Rs.17.25 crores (Rs. 12.37 crores) and Rs. 7.51 crores (Rs. 6.04 crores), respectively. R. Seshasayee, Managing Director, in a release cited shift in product-mix and pricing action compelled by input cost increases as the major factors that contributed to improved turnover. "We have countered pressures on margins with price corrections as also cost containment through e-sourcing and value engineering. Low cost funds availability, thanks to our FCCN issue, has helped us reduce financial costs nearly by 60 per cent,'' he added. "We have realised the capacity enhancement effected almost through productivity -linked settlements at Bhandara and Hosur I units, enabling a record output of over 5,600 vehicles in December 2004,'' he added. The sales turnover for April-December 2004 has gone up by 19 per cent to Rs. 3,134.02 crores (Rs. 2,634.06 crores). The net profit at Rs. 128.65 crores (Rs. 106.26 crores) is up 21.1 per cent.
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