Credit rating agency, Fitch Ratings has withdrawn the AA-(ind) rating on Ashok Leyland’s Rs 75 crore long-term non-convertible debenture (NCD) programme. The instrument rating has been withdrawn as the NCD has been repaid in full. The agency will no longer provide ratings or analytical coverage of the company.
Ashok Leyland is a leading manufacturer of commercial vehicles in India. The company reported 13.24% decline in its net profit for the quarter March 31 at Rs 258.74 crore. The company had posted a net profit of Rs 298.23 crore in the same period last year. The company’s total income from operations increased 12.02% to Rs 4,311.02 crore from Rs 3,848.45 crore in the year-ago period.
