Ashok Leyland posts Rs 460 cr profit in Q2, CEO quits

Chennai: Commercial vehicle maker Ashok Leyland on Tuesday said its net profit grew 37 per cent on year in the quarter ended September to Rs 460 crore, and also announced its CEO has resigned.

The Hinduja group’s flagship company earned a revenue of Rs 7,608 crore in the three months through September, an on-year increase of 25 per cent, CEO and Managing Director Vinod K. Dasari said.

The company has won 31 defence contracts during the past three years valued at about Rs 5,000 crore, Dasari, who will continue to steer the company until March, said.

He also said the company would be launching its electric vehicle in January 2019, adding that the assembly plant in Andhra Pradesh was ready.

Dasari said that from April 2020, the company’s products would be compliant with the Euro-6 emission norms, left-hand drive compliant for export markets and also have electric vehicles.

“While input cost increases continue, we are attempting to neutralise this effect through efficient cost management,” Gopal Mahadevan, Ashok Leyland’s Chief Financial Officer, said.

The company’s Executive Chairman Dheeraj G. Hinduja announced Dasari’s resignation with effect from March 31, 2019.

Hinduja, who was the Chairman, has taken over as the Executive Chairman and would hold the post until a replacement for Dasari was found.

[source_without_link]IANS[/source_without_link]