Ashok Leyland Sees Quarterly Profit Drop 30 Percent

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Ashok Leyland's net profit for the April-June quarter dropped by 30 percent, as local demand for Commercial Vehicles faded and financing costs rose. The Hinduja Group company posted a net profit of RS862.5 million ($19.38 million) in the April-June quarter, compared with RS1.23 billion rupees a year earlier.

Overall vehicle sales fell back by 10 percent from a year earlier to 19,277 units. The company sold 16,738 trucks and buses locally, a drop of 14 percent, while exports grew 31 percent to 2,539 vehicles.

"After the robust growth of 2010-11, the first quarter of this fiscal has seen a significant moderation," managing director Vinod K. Dasari said in a statement. "The rise in cost of ownership due to spiraling input costs, the rise in fuel prices, hardening interest rates and a fall in freight availability all contributed to this moderation."