November 13, 2018 / 10:51 AM / 2 months ago

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

India's Ashok Leyland Ltd Light Specialist (R) and Field Artillery Tractor vehicles are displayed at the fifth Land and Naval Systems Defence Expo 2008 in New Delhi February 18, 2008. REUTERS/B Mathur/Files

(Reuters) - India’s 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 4.60 billion rupees ($63.32 million) in the quarter ended Sept. 30, compared with 3.34 billion rupees a year earlier, the company said here.

Analysts on average had expected a profit of 5.13 billion rupees, according to IBES data from Refinitiv.

Revenue from operations grew 25.2 percent to 76.08 billion rupees. However, cost of materials jumped 52.5 percent, pushing total expenses 23.2 percent higher to 69.60 billion rupees.

Chief Executive Officer Vinod K. Dasari resigned after nearly 14 years with the company, the truckmaker said in a separate statement here. Dheeraj Hinduja will step in as executive chairman with immediate effect.

($1 = 72.6425 Indian rupees)

Reporting By Arnab Paul and Chris Thomas in Bengaluru; Editing by Rashmi Aich

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