NEW DELHI: Ashok Leyland Ltd posted a sharper-than-expected 61.7 percent fall in quarterly profit on Friday as the commercial vehicle manufacturer recorded an exchange loss on swap contracts.
Profit was 1.11 billion rupees ($17.26 million) in its fiscal first quarter ended June 30, compared with 2.91 billion rupees a year earlier, the company said.
Analysts on average had expected a profit of 1.69 billion rupees, according to Thomson Reuters data.
The flagship company of the conglomerate Hinduja Group said it recorded a foreign exchange loss on swap contracts of 26.7 million rupees, compared with a gain of 496.7 million rupees a year earlier.