REG - Ashok Leyland Ld - 3rd Quarter Results <Origin Href="QuoteRef">ASOK.NS</Origin>

Ashok LeylandAnnouncement

11/02/2016 13:30

RNS Number : 8205O
Ashok Leyland Ld
11 February 2016
Secretary, London Stock Exchange
(Company Announcement Office) 
This is to inform that at the meeting held today, the Board of Directors of the Company have approved the statement of standalone unaudited financial results for the quarter and nine months period ended 31/12/2015. 
Yours faithfully, 
for ASHOK LEYLAND LIMITED
N Ramanathan
Company Secretary
Encl : a/a.

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 AND NINE MONTHS ENDED 31-12-2015
Rs. Lakhs 
Particulars
Three months ended 
Nine months ended 
Year ended 
31.12.2015 
30.09.2015 
31.12.2014 
31.12.2015 
31.12.2014 
31.03.2015 
Unaudited 
Unaudited 
Audited 
1.
Income from Operations
a. Net Sales / Income from operations (Net of excise duty)
 402,945.98 
 487,881.21 
 329,062.27 
 1,268,356.80 
 887,561.17 
 1,331,114.48 
b. Other Operating Income
 5,588.47 
 6,092.62 
 7,037.42 
 18,273.12 
 18,086.74 
 25,103.88 
Total Income from Operations (net)
 408,534.45 
 493,973.83 
 336,099.69 
 1,286,629.92 
 905,647.91 
 1,356,218.36 
2.
Expenses
a. Cost of materials consumed
 262,899.17 
 327,468.65 
 203,641.51 
 846,287.06 
 580,867.53 
 862,663.52 
b. Purchases of stock-in-trade 
 51,160.26 
 44,583.18 
 26,622.46 
 131,237.32 
 93,936.21 
 139,118.72 
c. Changes in inventories of finished goods, work-in-progress and stock-in-trade
 (24,877.22)
 (24,308.44)
 20,054.36 
 (73,881.93)
 (6,077.49)
 (5,261.26)
d. Employee benefits expense
 34,917.94 
 37,835.32 
 27,703.83 
 105,794.68 
 85,167.35 
 118,400.38 
e. Depreciation and amortisation expenses 
 10,869.32 
 11,294.07 
 9,986.10 
 32,595.09 
 30,625.58 
 41,633.67 
f. Other expenses
 41,462.79 
 48,950.08 
 34,056.45 
 135,906.37 
 94,800.55 
 138,633.63 
Total Expenses
 376,432.26 
 445,822.86 
 322,064.71 
 1,177,938.59 
 879,319.73 
 1,295,188.66 
3.
Profit from operations before other income, finance costs and exceptional items 
 32,102.19 
 48,150.97 
 14,034.98 
 108,691.33 
 26,328.18 
 61,029.70 
4.
Other income
 2,587.14 
 2,646.38 
 1,726.09 
 7,943.02 
 8,722.55 
 12,447.13 
5.
Profit from ordinary activities before finance costs and exceptional items 
 34,689.33 
 50,797.35 
 15,761.07 
 116,634.35 
 35,050.73 
 73,476.83 
6.
Finance costs
 6,657.12 
 7,018.17 
 9,821.59 
 21,332.18 
 30,530.12 
 39,350.75 
7.
Profit from ordinary activities after finance costs but before exceptional items 
 28,032.21 
 43,779.18 
 5,939.48 
 95,302.17 
 4,520.61 
 34,126.08 
8.
Exceptional items (Refer Note - 5)
 (651.68)
 (517.07)
 - 
 (1,168.75)
 10,897.28 
 10,093.59 
9.
Profit from ordinary activities before tax 
 27,380.53 
 43,262.11 
 5,939.48 
 94,133.42 
 15,417.89 
 44,219.67 
10.
Tax expense - Income Tax (Refer Note - 6)
 7,518.00 
 14,581.11 
 2,730.00 
 29,658.00 
 4,934.70 
 10,739.07 
11.
Net Profit from ordinary activities after tax 
 19,862.53 
 28,681.00 
 3,209.48 
 64,475.42 
 10,483.19 
 33,480.60 
12.
Extraordinary item (net of tax)
 - 
 - 
 - 
 - 
 - 
 - 
13.
Net Profit for the period 
 19,862.53 
 28,681.00 
 3,209.48 
 64,475.42 
 10,483.19 
 33,480.60 
14.
Paid-up equity share capital (Face value per share Re.1) 
 28,458.80 
 28,458.80 
 28,458.80 
 28,458.80 
 
28,458.80 
15.
Reserves excluding Revaluation Reserve
 381,229.68 
16.
Earnings Per Share (EPS) (Basic and Diluted) (Rs.) (of Re.1 each - Not annualised)
 0.70 
 1.01 
 0.11 
 2.27 
 0.38 
 1.20 
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 February 11, 2016.
(2) The statutory auditors have conducted a limited review of the above standalone financial results.
(3) 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. This is in line with Notification No. G.S.R 913 (E) dated December 29, 2011 issued by the Ministry of Corporate Affairs, Government of India, amending the Companies (Accounting Standards) Rules, 2006.
 Accordingly,
a) Foreign exchange (Gain)/Loss relating to acquisition of depreciable assets, capitalized during the nine months ended December 31, 2015 aggregated Rs. 8,292.86 Lakhs [quarter ended December 31, 2015 Rs.1,170.74 Lakhs; quarter ended September 30, 2015 Rs. 4,330.43 Lakhs; quarter ended December 31, 2014 Rs. 3,154.67 Lakhs; nine months ended December 31, 2014 Rs.8,383.07 Lakhs; year ended March 31, 2015 Rs. 7,078.66 Lakhs] and
b) The un-amortized net exchange difference in respect of long term monetary items relating to other than acquisition of depreciable assets, is a Loss of Rs.2,310.39 Lakhs as at December 31, 2015 [December 31, 2014: Loss of Rs.1,362.60 Lakhs; March 31, 2015: Loss of Rs. 1,424.85 Lakhs]. These amounts are reflected as part of the "Reserves and Surplus" in line with the guidelines issued by the Institute of Chartered Accountants of India.
(4) The Company's primary segment is identified as business segment based on nature of products, risks, returns and the internal business reporting system and secondary segment is identified based on the geographical location of the customers as per Accounting Standard 17. The Company is principally engaged in a single business segment viz., commercial vehicles and related components.
(5) Exceptional items consist of:
Rs in Lakhs
Description
Three Months ended
Nine Months ended
Year Ended
Unaudited
Unaudited
Audited
31.12.2015
30.09.2015
31.12.2014
31.12.2015
31.12.2014
31.03.2015
Profit (net) from divestment of windmill business
-
-
-
-
-
1,653.14 
Net Profit on sale of Current Investments
-
-
-
-
-
27.55 
Profit on sale of Long - term Investments
-
15,182.93
-
15,182.93
-
-
Profit / (Loss) on sale of Immovable Properties 
(151.68)
-
-
(151.68)
10,897.28
30,832.37 
Diminution in the value of Long -term investments of JV's / Subsidiaries
(500.00)
(15,700.00)
-
(16,200.00)
-
(22,419.47)
Total
(651.68)
(517.07)
-
(1,168.75)
10,897.28
10,093.59 
(6) Tax expense comprises Current Tax, where applicable in respective periods, and Deferred Tax. Current Tax is after considering Minimum Alternate Tax (MAT) credit entitlement under Section 115JAA (1A) of the Income Tax Act 1961. 
(7) The Company had adopted the principles of Accounting Standard 30 - Financial instruments: Recognition and measurement, issued by the Institute of Chartered Accountants of India, with effect from April 1, 2008, in respect of forward contracts for firm commitments and highly probable forecast transactions meeting necessary criteria for designation as "Cash flow hedges". The gains and losses on effective Cash flow hedges are recognized in Hedge Reserve Account till the underlying forecast transaction occurs.
(8) The Company would be consolidating and presenting its Consolidated Financial Statements at the end of the year i.e. March 31, 2016.
(9) The figures for the previous periods have been reclassified / regrouped wherever necessary.
  For and on behalf of the Board
 Place: Chennai VINOD K DASARI
 Date: February 11, 2016 Managing Director

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