Ashok Leyland Ltd. reported that second-quarter net profit rose 14% to ₹334 crore from ₹294 crore a year earlier helped by an increase in sales volume.
Total income at the commercial vehicle maker grew 31% to ₹6,047 crore in the three months ended September 30, from ₹4,622 crore. Export volumes grew 39% to 4,437. The results included the financial performance of the foundry division.
“The domestic market reported 22% growth in sales in medium and heavy commercial vehicles, while light commercial vehicles grew by 18%,” said CFO Gopal Mahadevan.
“To support the rapidly growing network of customers, we have invested in digital market place to enhance our customers efficiency, performance and profitability through various means of anytime, anywhere support for their vehicles,” said Vinod K. Dasari, managing director, Ashok Leyland.
EID Parry
E.I.D. Parry (India) Ltd., a Murugappa Group company, reported a 2% fall in its standalone net profit for the second quarter ended September 2017 at ₹80 crore against ₹82 crore in the year earlier period due to a drop in cane availability. Revenue from operations rose to ₹644 crore from ₹579 crore. “The company performance was largely impacted by 46% drop in cane availability during the special crushing season in Tamil Nadu due to the earlier drought conditions.
This had a cascading effect on the production and sale of sugar, power and alcohol. The above impact has been mitigated to some extent by better realisation of sugar price by 10% compared to year-ago period. In addition, the Company completed processing of imported raw sugar, which helped in sugar availability for sales. We expect sugar prices to remain firm for the year 2017-18,” said S. Suresh, managing director, EID Parry.
The company appointed C.K. Ranganath, the chairman and managing director of CavinKare Pvt. Ltd., as its independent director.
Chennai Petroleum
Chennai Petroleum Corporation Ltd.reported a 267% increase in its standalone net profit for the second quarter ended September 2017 at ₹507 crore against ₹138 crore in the year earlier period.
This was primarily due to a fall in raw material cost from ₹6,732 crore to ₹6,289 crore and excise duty. Thetotal income declined to ₹10,506 crore from ₹10,725 crore.