Ashok Leyland will look at exiting non-core areas to keep its growth momentum in FY17, Dheeraj G Hinduja, chairman of the company, has said. In an annual report just released, he said that portfolio rationalisation was already in process and that would see progressive exit from non-core and non-performing businesses.

A renewed thrust in international markets in the target clusters would be undertaken with products developed specifically for the identified markets. The capacity of the Ras-Al-Khaimah plant will be almost doubled this year.

Hinduja Group flagship company Ashok Leyland today reported a 6 per cent increase in total sales at 9,875 units in May.

The company had sold 9,290 units in May last year.

Ashok Leyland's net profit for the March quarter took a hit due to exceptional items. The commercial vehicle major's net profit fell 66.5% yearly to Rs 77 crore in the fourth quarter due to exceptional loss of Rs 379.3 crore as against Rs 8 crore a year ago and higher tax payout.

During the quarter finance cost were lower than a year ago. A few years ago Ashok Leyland said it has diversfied into few areas including light commercial vehicle (with Nissan), construction equipment business (along with US-based John Deere) and in other areas.

Ashok Leyland has posted a net profit of Rs 77 crore for the quarter ended March 31, 2016 as compared to Rs 229.9 crore for the quarter ended March 31, 2015. The 66.5 per cent drop was due to an exceptional loss of Rs 379.3 crore, as against Rs 8 crore a year ago, and higher tax cost despite lower finance cost.

The company said the Rs 379.3 crore was provisions for impairment in investments in certain joint ventures as well as overseas subsidiaries. This is in line with its strategy of reviewing its portfolio of investments and rationalising the same to drive focus on the core business.

Ford India sold 21,198 vehicles (domestic 7,560 units, exports 13,638 units) in March 2016, up form 15,775 vehicles (domestic 5,253 units, exports 10,522 units) sold in March 2015 which is 5,423 units more than the previous sales, the auto company said in a statement.

On the other hand, Toyota Kirloskar Motor said it sold a total of 9,007 vehicles in March, down from 14,325 units sold in March 2015.

Commercial vehicle major Ashok Leyland Ltd has registered 31% growth in total sales at 16,702 units during March, 2016 as against 12,754 units the same month of 2015. The share price of the company has seen a 52 week high of Rs 110.9 on Friday, when the monthly and annual sales figures are announced.

The company today announced the sales of Medium and Heavy Commercial Vehicles (M&HCV) reported a growth of 32% at 13,240 units in March, this year compared to 10,027 units during March, last year. The Light Commercial Vehicle (LCV) sales has experienced an increase of 27%, to 3,462 units during March, 2016, from 2,727 units in March, 2015.

Defence and security company Saab and Hinduja group flagship Ashok Leyland (ALL) have joined hands to manufacture truck simulators in India under the ‘Make in India’ concept.

The two companies signed a teaming agreement at the end of 2015. The simulator is based in the original Ashok Leyland cabin with Saab simulation technology integrated with it, said a press statement in Chennai on Wednesday.

TVS Motor Company (Rs 326) and Ashok Leyland (Rs 108) have hit their respective lifetime high on the BSE in early morning trade.

At 09:37 AM, TVS Motor Company was trading 3% higher at Rs 324, extending its 18% rally thus far in March, as compared to 9% rise in the S&P BSE Sensex.

Ashok Leyland has won orders worth Rs 800 crore from the Indian armed forces. The company will supply field artillery tractor, super stallion vehicles and ambulance. In a press release, Ashok Leyland said the company will supply advanced technology products, 450 units of field artillery tractor 6x6 and other similar super stallion vehicles and 825 units of ambulance 4x4.

Vinod K. Dasari, managing director, Ashok Leyland said that the orders for Field Artillery Tractor (FAT) 6x6 and Ambulance 4x4 are in keeping with the momentum witnessed recently in the area of upgradation of technology and resources by the defence forces.

Shares of Ashok Leyland were up over 2% at Rs 107 on the Bombay Stock Exchange after the commercial vehicle major sold shares of IndusInd Bank worth Rs 299 crore on Monday.

Ashok Leyland has sold 32,63,923 equity shares in IndusInd Bank for Rs 915.96 per share, for an aggregate value of Rs 298.96 crore, as per the bulk deal data on the National Stock Exchange.

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