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Ashok Leyland share price rises 3% despite 92% fall in Q4 profit

Ashok Leyland share price gained 3.64% to Rs 55.50 against previous close of  Rs 53.55 on BSE

twitter-logoBusinessToday.In | June 26, 2020 | Updated 11:11 IST
Ashok Leyland share price rises 3% despite 92% fall in Q4 profit
Ashok Leyland share price hit a 52-week high of Rs 91 on July 3, 2019 and 52-week low of Rs 33.70 on March 25, 2020

Share price of Ashok Leyland gained 3% in early trade today after the Hinduja Group flagship firm reported a 92.31 percent decline in consolidated net profit in Q4. Ashok Leyland share price gained 3.64% to Rs 55.50 against previous close of  Rs 53.55 on BSE. Later, the share slipped into red and was trading 1.77%  lower at Rs 52.60 on BSE.

Total 20.62 lakh shares changed hands amounting to turnover of Rs 11.16 crore .

The stock has lost 5% in three days. The mid cap stock has lost 38% during last one year and fallen 34.85% since the beginning of this year. In one month, the stock has climbed 22.07%. Market cap of the firm stood at Rs 15,235 crore.

Ashok Leyland share price hit a 52-week high of Rs 91 on July 3, 2019 and 52-week low of Rs 33.70 on March 25, 2020. The share trades higher than 20 day and 50 day moving averages but lower than 5 day, 100 day and 200 day moving averages

Consolidated net profit in Q4 stood at Rs 57.78 crore against net profit of Rs 751.71 crore in the same quarter of previous fiscal. Revenue from operations fell to Rs 5,088.04 crore in Q4 against Rs 9,874.04 crore in the year-ago period.

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In last fiscal, the firm posted a consolidated net profit of Rs 459.80 compared to Rs 2,194.60 crore in 2018-19. Revenue from operations in FY20 stood at Rs 21,951.27 crore against Rs 33,196.84 crore in FY19.

"This has been a challenging year for the industry, which witnessed a significant decline in volumes (of 42 percent). Consequently, Ashok Leyland also saw a reduction in volume," Ashok Leyland Managing Director and CEO Vipin Sondhi said.

"Despite the drop in the volumes, we have been able to achieve an EBITDA of 6.7 percent owing to the pan-company efforts to drive profitability, " Sondhi added.

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