Ashok Leyland reviews Rs 389 cr internet loss for Jun quarter, Auto Information, Automobilnews
New Delhi: Hinduja Group flagship agency Ashok Leyland on Wednesday reported a consolidated internet lack of Rs 388.82 crore for the primary quarter ended June 30, owing to the coronavirus pandemic. The business car maker had posted a internet revenue of Rs 274.96 crore for the April-June 2019 quarter. Income from operations in April-June 2020 considerably declined to Rs 1,486.04 crore as in contrast with Rs 6,588.23 crore within the year-ago interval, Ashok Leyland mentioned in a regulatory submitting.
“With the pandemic hitting us, this has been probably the most difficult quarters for the trade,” Ashok Leyland MD and CEO Vipin Sondhi mentioned.
The corporate noticed a major decline in volumes, affecting the monetary efficiency adversely, he added. Regardless of difficult instances, the corporate went forward and launched the modular enterprise platform that offers clients the flexibleness to decide on autos as per their necessities, Sondhi mentioned.
“This will likely be a recreation changer within the trade, and we’ve got already rolled out over 2,000 of those autos until date this 12 months and along with our LCV (gentle business car) vary, we’ve got already rolled out 10,000 BS-VI autos. That is an encouraging signal for the quarters to comply with,” he added.
Ashok Leyland Chief Monetary Officer Gopal Mahadevan mentioned that is an distinctive quarter not only for the trade but additionally for the whole financial system. “We have now used this time to drive disruptive price efficiencies and productiveness measures.”
The main focus can be on sustaining liquidity, not simply of the corporate but additionally of sellers and distributors, he famous.
“There have been great learnings for us in doing enterprise effectively with out dropping the ball on progress initiatives. We’ll come out of this a lot stronger,” Mahadevan mentioned.
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