Ashok Leyland posts net loss of ₹19.4 crore on VRS costs

Ashok Leyland reported a standalone net loss of ₹19.38 crore for the quarter ended December, which includes a one-time expenditure of ₹85 crore towards a voluntary retirement scheme.

The commercial vehicle manufacturer had posted a net profit of ₹27.75 crore a year earlier.

In the most recently ended quarter, revenue from operations rose 20% to ₹4,814 crore. Finance costs almost doubled to about ₹66 crore, according to a stock exchange filing.

“The performance for this quarter, which resulted in a positive Ebida of 5.3%, was made possible owing to the revenue enhancement and operational efficiency initiatives of the company during challenging times,” said Gopal Mahadevan, director and CFO.

“LCV, aftermarket, defence and power solutions businesses have performed well. The focus on resetting the operating cost to revenues and material cost optimisation will continue,” he added.

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