Ashok Leyland posts dip in Q3 net

NEW DELHI: Hinduja Group flagship company, Ashok Leyland on Thursday reported 21.44 per cent decline in its standalone net profit at Rs 381 crore for the third quarter ended December 31, 2018, impacted by pricing pressure and higher input costs. The company had posted a net profit of Rs 485 crore during the October-December period of 2017-18. Revenues also declined to Rs 6,325 crore during the third quarter, as against Rs 7,191 crore in the same period of previous fiscal, Ashok Leyland said in a regulatory filing."Our financial performance has been satisfying given the twin challenges of pricing pressure and higher input costs as we continue to post double digit EBITDA margins," Ashok Leyland CFO Gopal Mahadevan said. Total industry volume for the quarter was lower by 7 per cent due to high base last year, he added.