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Commercial vehicle manufacturer Ashok Leyland Ltd continues to see a drop in revenue and losses mount due to the slowdown in the sector.
The total industry volume of commercial vehicle business has dropped by about a third year-on-year, said a press release from the company.
For the third quarter ended December 31, 2013, the company reported a net loss of Rs 167 crore on a revenue of Rs 1,953 crore. During the corresponding period in the previous year, it posted a net profit of Rs 74 crore on an income of Rs 2,406 crore.
The company is working to lower costs, reduce debt and divest non-core assets.
There has been a significant reduction in operating costs and lowered working capital, including a VRS for about 500 executives. The VRS expense in the quarter was Rs 43.58 crore.
On the BSE, the company’s shares closed at Rs 16.80 against the previous close of Rs 16.85.
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