Commercial vehicle major - Ashok Leyland Limited has reported a loss after tax of ₹ 389 crore in the first quarter of FY2021 as compared to the profit after tax (PAT) of ₹ 230 crore in the same quarter last year. The company's revenue in the same quarter witnessed a steep drop of 88.54 per cent at ₹ 651 crore as compared to ₹ 5,684 crore it generated in the first quarter of the last financial year. The company has said that it has recorded loss in this quarter owing to the coronavirus lockdown with no operations for almost two month of the quarter.
Vipin Sondhi, MD & CEO, Ashok Leyland Limited said, "With the pandemic hitting us, this has been one of the most challenging quarters for the industry. We saw a significant decline in volumes, consequently, Ashok Leyland also saw a reduction in volume, affecting the financial performance of the company adversely. Despite the challenging times we went ahead and launched the unique Modular Business Platform "AVTR", which gives our customers the flexibility to choose vehicles as per their requirements. This will be a game changer in the industry and we have already rolled out over 2,000 of these vehicles till date this year and together with our LCV range we have already rolled out 10,000 BS VI vehicles. This is indeed a very encouraging sign for the quarters to follow."
In the first quarter the company successfully introduced its AVTR range of modular vehicles in the heavy commercial vehicle segment along with the intermediate commercial vehicle range of vehicles.