Ashok Leyland Ltd posted a sharper-than-expected 61.7 percent fall in quarterly profit on Friday as the commercial vehicle manufacturer recorded an exchange loss on swap contracts.
Profit was Rs. 111 crore in its fiscal first quarter ended June 30, compared and Rs. 291 crore a year prior, the organization said.
Analysts on average had expected a profit of Rs. 169 crore, as indicated by Thomson Reuters information.
The flagship organization of the conglomerate Hinduja Group said it recorded a foreign exchange loss on swap contracts of Rs. 2.67 crore, compared with a gain of Rs. 49.67 crore a year prior.