Ashok Leyland on Tuesday reported a 70 per cent drop in M&HCV truck sales in the domestic market during the month of August to 3,336 units from 11,135 units, a year ago. Total sales of M&HCVs, including buses, dropped by 63 per cent to 4,585 units from 12,420 units in the previous year.

The sales of light commercial vehicle fell 12 per cent to 3,711 units in August 2019 from 4208 units in August last year. Total vehicle sales, including all these categories, declined 50 per cent to 8,296 units from 16,628 units in August, last year.

Hinduja group flagship Ashok Leyland has announced more production holidays at its Ennore plant (the mother plant) in Chennai.

After absorbing August 16 & 17 as non-working days (production holidays), the company has on Friday informed the employees that August 24 (Saturday), August 27 and August 30 as non-working days and August 26 will be a 6th day non-working day.

Hinduja group flagship firm Ashok Leyland Limited (ALL) is in for another challenging time.

Amidst slowdown blues and suspended production at its plants due to weak demand, workers’ union at the company’s Ennore plant (the mother plant set up in 1960s) went on a day’s sit-in-dharna on Friday, protesting against the management’s refusal to meet the union’s demand on bonus issue. However, the plant’s production has not been hit, said sources in the know.

Q1 EBITDA margin at 9.4% was in line with our estimate (ahead of consensus by 60 bps), but revenue/PAT missed. Management remained non-committal on volume growth number for FY20 (earlier was expecting 10-12% industry growth) given the continued demand weakness.

While demand recovery remains crucial, it has initiated Rs 5-bn cost reduction program which should aid margin.

Hinduja group flagship Ashok Leyland Ltd (ALL) has said it has decided to prune costs across verticals to not only stay fit in the volatile market conditions but also maintain its earnings before interest, tax, depreciation and amortisation (Ebitda)/profitable margins at a decent level.

Commercial vehicle major Ashok Leyland posted a 44% dip in consolidated profit at Rs 247 crore in the first quarter of current fiscal. The company had posted a profit of Rs 443.32 crore in the April-June quarter a year ago.

The company's consolidated revenue from operations declined 8% during the quarter under review to Rs 6,612.42 crore from Rs 7,193.79 crore in the corresponding quarter of 2018-19.

Shares of Ashok Leyland dipped up to 4 per cent to trade at Rs 82.10 per share in the early morning deals on Tuesday after the company announced closure of its Pantnagar plant due to weak demand and outlook for the industry.

In a regulatory filing, the heavy vehicle manufacturer said that the plant will remain closed between July 16 and July 24.

Ashok Leyland on Thursday announced organisational changes by elevating two senior officials as chief operating officers and appointing a head for electric vehicle business. However, the company did not announce any name for the position of MD & CEO, which fell vacant after Vinod K Dasari quit in November 2018.

Commercial vehicle major Ashok Leyland Friday reported 12.12 per cent decline in net profit at Rs 652.99 crore for March quarter, 2018-19.

The company posted a profit of Rs 743.12 crore for the same period of 2017-18.

Tesla CEO Elon Musk who has been moving back and forth on his India dream for couple of years and unable to take the next big step now has an invitation from commercial vehicles major Ashok Leyland.

Musk wants to make India his next big market but the question lingers: Will the electric car ever run on the bumpy 'desi' roads?

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