Truck maker Ashok Leyland Ltd. reported lower-than-anticipated quarterly earnings.
Net profit rose 13 percent year-on-year to Rs 334.25 crore for the three-month period ending September, the Chennai-based automaker said on Wednesday. This was lower than the Rs 385 crore consensus estimate of analysts tracked by Bloomberg.
Revenue rose 30.8 percent year-on-year to Rs 6,046.9 crore during the period but below forecast, as demand for trucks grew on stricter implementation of load restrictions and expected rollout of e-way bill under the Goods and Services Tax.
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Operating income rose 14 percent on a yearly basis to Rs 611.7 crore, while its operating margin contracted 149 basis points to 10.1 percent. The company reported an exceptional loss of around Rs 2.64 crore during the quarter.
Shares of the automaker swung between losses and gains after the result was announced. It declined as much as 2.9 percent to Rs 118.50 apiece after gaining 1.9 percent.
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