NEW DELHI: India’s second largest commercial vehicle maker Ashok Leyland on Wednesday reported a net loss of Rs 389 crore for the first quarter ended June owing to a near nine-fold drop in revenue. The Hinduja Group flagship company had posted a net profit of Rs 230 crore for the April-June quarter of last year.
Revenue stood at Rs 651 crore for the quarter as against Rs 5,684 crore for the same period last year, due to the lockdown on account of the COVID-19 pandemic, the company said. “With the pandemic hitting us, this has been one of the most challenging quarters for the industry.
We saw a significant decline in volumes, consequently, Ashok Leyland also saw a reduction in volume,
affecting the financial performance adversely,” said Vipin Sondhi, MD & CEO. Sondhi addded that the
company’s recently launched unique Modular Business Platform “AVTR”, which gives customers the flexibility to choose vehicles as per their requirements will be a game changer in the industry.