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Ashok Leyland Q2 net rises 37%, CEO Vinod Dasari resigns.

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  • Ashok Leyland Q2 net rises 37%, CEO Vinod Dasari resigns.
    2018-11-13, By: System Administrator

    Net profit came in at Rs 460 crore in the quarter ended 30 September, compared with Rs 334 crore a year earlier. Dheeraj Hinduja to step in as executive chairman
    Ashok Leyland Ltd posted a lower-than-expected 37.5% rise in second-quarter profit on Tuesday due to higher raw material costs.

    Profit was Rs 460 crore in the quarter ended 30 September, compared with Rs 334 crore a year earlier, the company said.

    Analysts on average had expected a profit of Rs 513 crore, according to IBES data from Refinitiv.

    Revenue from operations grew 25.2% to Rs 7,608 crore. However, cost of materials jumped 52.5%, pushing total expenses 23.2% higher to Rs 6,960 crore.

    Chief executive officer Vinod K. Dasari resigned after nearly 14 years with the company, the truckmaker said in a separate statement. Dheeraj Hinduja will step in as executive chairman with immediate effect. (Source : Mint)

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