Ashok Leyland, the flagship of the Hinduja Group reported a quarterly net loss of Rs 19.38 crore in December 2020, down 169.84% from Rs 27.75 crore profit in December 2019, the company said in a statement.
Shares of the company were seen trading at Rs 128.90, down 4.59% or Rs 6.25 on NSE at 12.21 on IST. It has touched an intraday high of Rs 130.55 and an intraday low of Rs 124.10.
The revenues for the quarter stood at Rs 4814 crores as against Rs 2837 crores in Q2 and Rs 4016 crores in the same period last year.
The Company reported an EBITDA of 5.3% for Q3 FY21 against an EBITDA of 2.8% in Q2 FY'21 and 5.6% in Q3 FY20.
Commenting on the results, Mr. Vipin Sondhi, MD & CEO, Ashok Leyland Limited said "We have seen a marked improvement in the Company's performance in this quarter. All our newly launched products and our innovative i-Gen6 (Mid-NOx) BS6 solution have proved their mettle across the markets. Another innovation, the "Digital Nxt", an industry-first combination of three innovative digital solutions has become extremely popular with fleet owners with more and more users getting on to the platform, deriving benefits of our digital Apps. On the cost front, our focus on controlling costs has paid dividends for us this quarter".
The company reduced net debt to Rs 2880 Crores in Q3 from Rs 3,076 Crores in Q2 FY21 and further improved the company's balance sheet, the filing said.