Net profit came in at Rs 460 crore in the quarter ended 30 September, compared with Rs 334 crore a year earlier. Dheeraj Hinduja to step in as executive chairman
Ashok Leyland Ltd posted a lower-than-expected 37.5% rise in second-quarter profit on Tuesday due to higher raw material costs.
Profit was Rs 460 crore in the quarter ended 30 September, compared with Rs 334 crore a year earlier, the company said.
Analysts on average had expected a profit of Rs 513 crore, according to IBES data from Refinitiv.
Revenue from operations grew 25.2% to Rs 7,608 crore. However, cost of materials jumped 52.5%, pushing total expenses 23.2% higher to Rs 6,960 crore.
Chief executive officer Vinod K. Dasari resigned after nearly 14 years with the company, the truckmaker said in a separate statement. Dheeraj Hinduja will step in as executive chairman with immediate effect. (Source : Mint)