Ashok Leyland Q3 net loss at Rs 167 cr

Ashok Leyland on Tuesday reported a net loss of 167.20 crore for the third quarter ended December 31, 2013 due to sales decline.

The company had posted a net profit of Rs 74.14 crore during the same period of the previous financial year.

Net sales of the firm declined by 18.95 per cent to Rs 1,903.28 crore as compared to Rs 2,348.36 crore in the same period of the previous financial year, Ashok Leyland said in a filing to the BSE.

The company had offered voluntary retirement scheme (VRS) for its executives during the quarter, it said.

“VRS compensation of Rs 43.58 crore represents the amount settled in respect of those executives who exercised their option and separated from employment up to December 31, 2013,” the company added.

The company inked a memorandum of understanding with Automotive Skill Development Council (ASDC) to offer training for students taking up courses in the automobile sector.

ASDC is promoted by the auto-industry and the Department of Heavy Industry and National Skill Development Corporation.

Through this agreement, Ashok Leyland would offer course modules including training of students and certification, the Chennai-based company said in a statement here.
"This accreditation will make young people entering the business more competitive by offering them a structured curriculum that integrates industry needs with emerging trends and offer hands-on training.