Ashok Leyland Quarterly Profit up 27.47% to Rs.88.18 Crores

Ashok Leyland Ltd has announced the unaudited financial results for the quarter ended June 30, 2007.

The Company has posted a net profit of Rs 881.88 million for the quarter ended June 30, 2007 as compared to Rs 691.80 million for the quarter ended June 30, 2006. Total Income (net of excise) has increased from Rs 14377.56 million for the quarter ended June 30, 2006 to Rs 16286.92 million for the quarter ended June 30, 2007.

The company has reported an Earnings Per Share (EPS) of Rs.0.67 for the Quarter ending June 30, 2007 compared to Rs.0.55 for Quarter ending June 30, 2006.

As of June 30, 2007, 5400 Foreign Currency Convertible Notes (FCCN) issued in April 2004 were outstanding Note holders have an option to convert each note of US$ 1,000 into 1,470 shares of Re 1 each at the prevailing conversion price of Rs 30. Cumulatively upto June 30, 2007 holders of US$ 94.60 million have exercised their option and were accordingly allotted 134,576,117 equity shares, leaving a balance of FCCN amounting to US$ 5.40 million.

The company has signed a Share Purchase Agreement to acquire Defiance Testing and Engineering Services, Inc (DTE) based near Detroit, Michigan, U.S.A. The acquisition is subject to completion of the agreed closing conditions and further corporate and statutory approvals. The closing of the deal is expected to be completed by second quarter of this financial year.

The stock closed the day at Rs.38.90, down by Rs.0.10 or 0.26%. The stock hit an intraday high of Rs.39.75 and low of Rs.38.65. The total traded quantity was 282391 compared to 2 week average of 639890.

Source : Equity Bulls

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