By IANS,
Mumbai : The net profit of Hinduja group’s flagship company and commercial vehicle manufacturer Ashok Leyland declined 84 percent to Rs.7.77 crore (Rs.77.7 million) in the first quarter this fiscal compared to Rs.50.5 crore it netted in the year-ago period.
The total income decreased 48 percent to Rs.973 crore from Rs.1,895.3 crore, the company said in a regulatory statement Monday.
Earlier in the month, in its annual report, Ashok Leyland had said it was reworking its manufacturing plans.
“In view of the global slowdown, Ashok Leyland and its joint venture partner, Nissan Motor Co of Japan, are reworking the manufacturing plans including the option of phased implementation of the project,” company chairman R.J. Shahaney had said in the annual report.
Ashok Leyland had signed an agreement with Nissan last year to form three joint venture companies in India for technology development, vehicle manufacturing and powertrain manufacturing.