REG - Ashok Leyland Ld - 1st Quarter Results <Origin Href="QuoteRef">ASOK.NS</Origin>

Ashok LeylandAnnouncement

21/07/2016 16:40

RNS Number : 9139E
Ashok Leyland Ld
21 July 2016






ASHOK LEYLAND LIMITED

Regd. Office :1 Sardar Patel Road, Guindy, Chennai -600 032; CIN : L34101TN1948PLC000105 ;
Email id: reachus@ashokleyland.com

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30-06-2016




Rs. Lakhs 

Particulars

Three months ended 




30.06.2016 
30.06.2015 

Unaudited 










1.
Income from Operations




a. Gross Sales / Income from Operations

 444,828.26 
 400,760.81 

b. Less: Excise Duty

 27,248.94 
 23,231.20 

c. Net Sales / Income from Operations (Refer Note - 4)

 417,579.32 
 377,529.61 

d. Other Operating Income

 8,304.65 
 10,783.47 






Total income from Operations (net)

 425,883.97 
 388,313.08 





2.
Expenses




a. Cost of Materials consumed

 272,839.27 
 254,924.33 

b. Purchases of stock-in-trade 

 35,693.79 
 35,493.88 

c. Changes in inventories of finished goods, work-in-progress and stock-in-trade

 (15,481.79)
 (24,696.27)

d. Employee benefits expense

 35,812.96 
 32,871.36 

e. Depreciation and amortisation expense

 12,097.25 
 11,376.83 

f. Other expenses 

 49,392.73 
 50,469.68 

Total Expenses

 390,354.21 
 360,439.81 










3.
Profit from operations before other income, exchange gain / (loss) on swap contracts, finance costs and exceptional items 
(1 - 2)
 35,529.76 
 27,873.27 





4.
Other Income 

 4,427.99 
 2,588.14 
5.
Exchange gain / (loss) on swap contracts (Refer Note - 5)

 4,967.08 
 (1,804.81)





6.
Profit from ordinary activities before finance costs and exceptional items 
(3 + 4 + 5)
 44,924.83 
 28,656.60 





7.
Finance Costs

 3,382.39 
 7,011.88 





8.
Profit from ordinary activities after finance costs but before exceptional items 
(6 - 7)
 41,542.44 
 21,644.72 





9.
Exceptional Items

 - 
 - 





10.
Profit from ordinary activities before tax 
(8 + 9)
 41,542.44 
 21,644.72 





11.
Tax expense (Refer Note - 7)

 12,464.00 
 7,195.11 





12.
Net Profit from ordinary activities after tax 
(10 - 11)
 29,078.44 
 14,449.61 





13.
Extraordinary item (net of tax)

 - 
 - 





14.
Net Profit for the period 
(12 - 13)
 29,078.44 
 14,449.61 





15.
Other Comprehensive Income (net of tax)

 (906.24)
 (239.51)





16.
Total Comprehensive Income
(14 + 15)
 28,172.20 
 14,210.10 










17.
Paid-up equity share capital (Face value per share Re.1) 

 28,458.80 
 28,458.80 
18.
Earnings Per Share (Basic and Diluted) (Rs.) (of Re.1 each - Not annualised)

 1.02 
 0.51 











Notes:
(1) The above standalone financial results were reviewed by the Audit Committee and then approved by the Board of Directors at its meeting held on July 21, 2016. The statutory auditors have conducted a limited review of the above standalone financial results.
(2) The Company adopted Indian Accounting Standards ("Ind AS") from April 1, 2016 and accordingly above standalone financial results have been prepared in accordance with the recognition and measurement principles laid down in the Ind AS 34 'Interim Financial Reporting' prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India.
The Ind AS compliant standalone financial results for the corresponding quarter ended June 30, 2015 have been stated in terms of SEBI circular CIR/CFD/FAC/62/2016 dated July 5, 2016. 
Reconciliation of net profit for the corresponding quarter ended June 30, 2015 between previous Indian GAAP and Ind AS is as under:

Rs Lakhs
Particulars
Quarter ended 30.06.2015
Net Profit as per previous Indian GAAP
15,931.89 
Effect of discounting factor on provisions
39.22
Actuarial loss on employee defined benefit funds recognised in Other Comprehensive Income
170.06
Depreciation impact on Ind AS adjustments 
141.13
Measurement of financial liabilities at amortised cost and impact of related derivative contracts 
(1,401.56)
Fair valuation of investments 
(794.91)
Deferred Tax 
363.78
Net Profit as per Ind AS
14,449.61 
Other Comprehensive Income (net of tax)
(239.51)
Total Comprehensive Income
 14,210.10 
(3) The Company has elected the option under Ind AS 101 'First-time Adoption of Indian Accounting Standards' and has continued the policy adopted for accounting of exchange differences arising from translation of long term foreign currency monetary items recognised in the financial statements upto March 31, 2016. Accordingly, exchange difference on translation or settlement of long term foreign currency monetary items at rates different from those at which they were initially recorded or as at April 1, 2007, in so far as it relates to acquisition of depreciable assets are adjusted to the cost of the assets. In other cases, such exchange differences, arising effective April 1, 2011, are accumulated in "Foreign currency monetary item translation difference account" and amortized by recognition as income or expense in each year over the balance term till settlement occurs but not beyond March 31, 2020.
Therefore,
a) Foreign exchange loss relating to acquisition of depreciable assets, capitalised during the quarter ended June 30, 2016 aggregated Rs.7,288.93 lakhs [quarter ended June 30, 2015 Rs.982.97 lakhs];
b) Amortised net exchange difference in respect of long term foreign currency monetary items relating to other than acquisition of depreciable assets, charged to the results isRs. 345.12 lakhs [quarter ended June 30, 2015 Rs.5.51 lakhs]; and
c) The un-amortised net exchange difference in respect of long term monetary items relating to other than acquisition of depreciable assets, is a loss of Rs.3,332.24 lakhs as at June 30, 2016 [June 30, 2015: loss of Rs.1,444.95 lakhs].
(4) The Gross Sales / Income from operations inclusive of excise duty for the quarter endedJune 30, 2016 aggregated Rs. 444,828.26 lakhs [quarter ended June 30, 2015Rs.400,760.81 lakhs]. The Company has also disclosed Net sales / Income from operations (net of excise duty) by deducting excise duty aggregating Rs.27,248.94 lakhs [quarter ended June 30, 2015Rs.23,231.20 lakhs].
If excise duty on sale of goods is shown under Expenses, Total Expenses would beRs.417,603.15 lakhs [quarter ended June 30, 2015 Rs.383,671.01 lakhs] and Total Income from Operations would be Rs.453,132.91 lakhs [quarter ended June 30, 2015 Rs.411,544.28 lakhs].
(5) The Company has currency and interest rate swap contracts in respect of certain foreign currency long term borrowings. Net exchange differences on settlement and period end fair valuation(mark-to-market) have been charged/ credited to profit and loss for the period and disclosed separately for better comparability and understanding of the results.
(6) The Company is principally engaged in a single business segment viz., commercial vehicles and related components based on nature of products, risks, returns and the internal business reporting system.
(7) Tax expense comprises Current Tax and Deferred Tax.
(8) The Company would be consolidating and presenting its Consolidated Financial Statements at the end of the year i.e. March 31, 2017.
(9) The figures for the previous period have been reclassified/ regrouped wherever necessary.
For and on behalf of the Board
 Place: Chennai VINOD K DASARI
 Date: July 21, 2016 CEO and Managing Director

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