Ashok Leyland eyes revival on infra push
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Ashok Leyland Ltd, India’s second-largest commercial vehicle maker, is expecting demand for its trucks and buses to improve in the coming quarters on the back of increased spending on infrastructure projects by the Union government and resumption of public transportation across the country.
However, a sharp increase in the prices of commodities and shortage in supply of semi-conductors might delay the recovery process.
The Chennai-based company on Thursday reported a standalone net loss of ₹19.39 crore for the quarter ending 31 December, as sales of its commercial vehicles remain subdued because of the downturn caused by the coronavirus outbreak and the revised load carrying norms. The firm reported a net profit of ₹27.7 crore in the corresponding quarter.
On a sequential basis though the net loss reduced substantially from ₹146.6 crore reported in the September quarter as sales improved as a result of a gradual recovery in economic activity.
Revenue from operations during the quarter improved by 19.8% from a year ago to ₹4,814 crore riding on a 7% increase in vehicle sales and 12% jump in the average selling price of its Bharat Stage 6 trucks and buses. Revenue jumped from ₹2,836.58 crore in the September quarter as sales of vehicles improved with the unlocking of the economy.
Volumes in the medium and heavy commercial vehicle segment increased over the year in the December quarter after eight straight quarters.
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