Focus on lowering debt brings Ashok Leyland back to profits

CHENNAI, Nov 7:  Focus on reducing working capital, lowering debt and increase in sales in the first six months of the current financial year led Hinduja Group flagship company Ashok Leyland to strengthen its bottom-line, a top company official said.
“We have been sharply focused on reducing working capital and lowering debt. Healthier sales realisations have helped strengthen our bottom-line and not only have we gained market share, we have returned to profitability after five successive quarters”, Ashok Leyland Managing Director Vinod K Dasari said in a statement.
The Chennai-based heavy commercial vehicle maker had registered a net profit of Rs 120.69 crore for the July-September 2014 period as against a net loss of Rs 25.05 crore registered during the same period of previous year.
For the six month period ending September 30, the net profit stood at Rs 72.73 crore as against a net loss of Rs 166.80 crore.
The company sold 28,290 vehicles during the six month period ending September 2014, from 26,927 units sold during the corresponding period of previous year.
It increased market share in medium and heavy commercial vehicles to 27.1 per cent while operations in the overseas market grew by 25 per cent, the statement added. (PTI)

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