ICRA has assigned A1+ rating to the fresh Rs 300 crore (enhanced from Rs 300 crore to Rs 600 crore) of Commercial paper (CP)/Short term debt programme (STD) of Ashok Leyland.
The assigned rating draws comfort from the company’s healthy revenue during 2010-11 supported by a 47% growth in volumes and 10% growth in realization.
Ashok Leyland’s net profit for the fourth quarter rose by 33.94% at Rs 298.23 crore as compared to Rs 222.66 crore for the quarter ended March 31, 2010. Its total income increased by 30.30% at Rs 3832.65 crore for the quarter under review from Rs 2941.35 crore in the corresponding previous quarter.
