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Ashok Leyland second-quarter profit rises 37 percent, but misses estimates

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Ashok Leyland Ltd posted a lower-than-expected 37.5 percent rise in second-quarter profit on Tuesday due to higher raw material costs.

Ashok Leyland second-quarter profit rises 37 percent, but misses estimates
Ashok Leyland Ltd posted a lower-than-expected 37.5 percent rise in second-quarter profit on Tuesday due to higher raw material costs.
Profit was Rs 460 crores ($63.32 million) in the quarter ended Sept. 30, compared with Rs 334 crores a year earlier, the company said.
Analysts on average had expected a profit of Rs 513 crores, according to IBES data from Refinitiv.
Revenue from operations grew 25.2 percent to Rs 7608 crores. However, cost of materials jumped 52.5 percent, pushing total expenses 23.2 percent higher to Rs 6960 crores.
Chief Executive Officer Vinod K. Dasari resigned after nearly 14 years with the company, the truckmaker said in a separate statement. Dheeraj Hinduja will step in as executive chairman with immediate effect.