Latest news with #HindujaGroup-owned
Business Recorder
23-05-2025
- Automotive
- Business Recorder
India's Ashok Leyland beats quarterly profit view on demand for high-margin heavy vehicles
Indian truck and bus maker Ashok Leyland reported a higher-than-expected rise in fourth-quarter profit on Friday thanks to healthy demand for its margin-boosting, heavier load-carrying models. The Hinduja Group-owned automaker reported a profit of 12.46 billion rupees ($146 million) in the quarter ended March 31, a 38.4% rise over the previous year. Analysts, on average, expected the company to report a profit of 11.09 billion rupees, according to data compiled by LSEG. Ashok Leyland's overall sales grew 5%, with those of its larger models climbing 7%, it said in its quarterly update in April. The company benefited from lower discounting compared to a year before, analysts said, while higher contribution to sales from its more profitable heavy commercial vehicles (CV) helped. The segment, which includes vehicles such as the 'BOSS' truck, forms two-thirds of Ashok Leyland's overall sales. The low-margin small CV segment's contribution to Ashok Leyland's overall sales declined. IndiGo flight facing severe weather was denied diversion requests, India says Industry-wide sales of commercial vehicles grew 1.5% in the January-March period, with the medium and heavy models' 3.9% sales jump driving growth. Rival Eicher reported profit at its CV joint venture with Volvo doubled due to high demand, while Tata Motors reported a profit decline as demand for its small CVs stayed low. Ashok Leyland's shares closed 0.3% higher on the day, little changed after the results.
Economic Times
15-05-2025
- Business
- Economic Times
IndusInd Bank clarifies on new accounting irregularities, says Rs 674 crore 'incorrectly recorded as interest'
IndusInd Bank's internal audit revealed a Rs. 674 crore misrecording of interest over three quarters of fiscal year 2025, which was fully reversed in January 2025. Additionally, unsubstantiated balances of Rs. 595 crores in 'other assets' were offset against 'other liabilities'. The bank is strengthening internal controls and addressing accountability following a whistleblower letter and anomalies in its derivatives portfolio. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The IndusInd Bank on Thursday said that the lender's Internal Audit Department report showed that it had incorrectly recorded Rs 674 crores as interest for three quarters of fiscal report, submitted on May 8, also found unsubstantiated balances aggregating to Rs 595 crore in "other assets" accounts of the bank, the Hinduja Group-owned lender said."The IAD has since submitted its report on May 8, 2025. Based on the report, it is noted that a cumulative amount of Rs. 674 crores was incorrectly recorded as interest over three quarters of FY 24-25, which was fully reversed as on January 10, 2025," said the bank in a stock exchange new accounting lapses were reported by The Economic Times in its May 15th edition. ET had reported that a whistle‑blower's letter had flagged new anomalies. The letter raised concerns about a Rs 600-crore discrepancy in the accrual of interest income in the bank's microfinance portfolio, and an instance of inappropriate relationship between a senior executive and an employee, who was sacked and subsequently rehired by this executive."The IAD has submitted its report on May 8, 2025 that there were unsubstantiated balances aggregating to Rs. 595 crores in 'other assets' accounts of the Bank. These were set off against corresponding balances appearing in 'other liabilities' accounts in January 2025," said the disclosing the discrepancies, the lender said that the audit department has also examined the roles and actions of key employees in this context. "The Board is taking necessary steps to strengthen internal controls, fix accountability of the persons responsible for these lapses and will take action as appropriate," said IndusInd Bank through a stock exchange findings add to IndusInd's growing woes and come just weeks after its CEO and deputy CEO resigned following a derivatives accounting lapse that hit the bank's net worth.
