INSUBCONTINENT EXCLUSIVE:
Ashok Leyland posted a lower-than-expected 37.5 per cent rise in second-quarter profit on Tuesday due to higher raw material costs.Profit
was Rs 460 crore ($63.32 million) in the quarter ended September 30, compared with Rs 334 crore a year earlier, the company said.Analysts
had on an average expected a profit of Rs 513 crore, according to IBES data from Refinitiv.Revenue from operations grew 25.2 per cent to Rs
However, cost of materials jumped 52.5 per cent, pushing total expenses 23.2 per cent higher to Rs 6,960 crore.Ashok Leyland chief executive
officer Vinod K Dasari resigned after nearly 14 years with the company, the truck maker said in a separate statementDheeraj Hinduja will
benchmark index Nifty settled nearly 1 per cent higher at 10,582, ahead of the earnings announcement by the auto maker.($1 = Rs 72.6425)
