Hinduja flagship Ashok Leyland (ALL) on Friday reported a net loss of Rs 147 crore for the second quarter of FY21 as against net profit of Rs 39 crore in the corresponding quarter last fiscal, owing to Covid-19 related challenges that impacted the volumes in the commercial vehicle segment.
The revenue for the quarter stood at Rs 2, 837 crore as against Rs 3, 929 crore in Q2 of FY20. The company reported a positive EBITDA of 2.8% for Q2 FY21 against an EBITDA of -51.2% in Q1 FY21.
Vipin Sondhi, MD & CEO, ALL, said, “While the challenges in the market due to Covid-19 continue, the company has seen a marked improvement in performance in this quarter. The performance of our newly launched AVTR platform in the M&HCV segment and Bada Dost in the LCV segment gives us immense confidence that we are on the right track.”
Total domestic vehicle sales of ALL had dropped by 2% to 8,885 units in October 2020 from 9,079 units last year.
Gopal Mahadevan, whole time director & CFO, ALL said, “The performance for this quarter, which resulted in a positive EBITDA of 2.8%, was made possible owing to the revenue enhancement and operational efficiency initiatives of the company during challenging times. All the a-cyclical businesses including LCV, after market, defence and power solutions have performed really well during the quarter. Focus on operating cost and material cost optimisation will continue, even as we pursue growth.”
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