Ashok Leyland Net Profits Down in Q1

Published: Tuesday, July 19, 2011, 18:12 [IST]

Indian commercial vehicle and truck manufacturer Ashok Leyland has reported its first quarter financial results and has said its net profits were down compared to the corresponding period last year. The high raw material costs is said to be the primary reason behind reduced profuts.

The Hinduja Group owned truck manufacturer has reported that its net profits were down by 26.7 per cent to Rs86.25 crores. The company had earned a net profit of Rs.122.64 crore in April-June 2010.

Net sales of Ashok Leyland during April-June 2011 stood at Rs.2,495.5 crore as against the sales of Rs.2,347.97 during the first quarter of last year.

Following the disclosure Ashok Leyland shares dipped 1.63 per cent at Rs.51.25 in the Bombay Stock Exchange this afternoon.