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Home arrow News arrow Automotive arrow Vinod K. Dasari to take over as Managing Director at Ashok Leyland
Vinod K. Dasari to take over as Managing Director at Ashok Leyland Print E-mail
Written by Krishna Kumar   
Tuesday, 25 January 2011
Chennai: Ashok Leyland has appointed Vinod K. Dasari as Managing Director (designate) of Ashok Leyland with immediate effect. He will assume responsibility as Managing Director with effect from 1st April 2011. R. Seshasayee has been appointed as Executive Vice Chairman effective 1st April 2011 to lead the new strategic direction of the Company.

Seshasayee, the present Managing Director of Ashok Leyland and Executive Vice Chairman of the holding Company, Hinduja Automotive Ltd., will continue to have overall responsibility for Ashok Leyland. Dasari is currently Chief Operating Officer and a Whole-time Director of the Company.

Seshasayee has been Managing Director from 1998 and his current term was due to expire on 31st March 2011.

"This is a planned transition," said Dheeraj G Hinduja, Chairman, Ashok Leyland, "Vinod was being groomed for this move over the last few years and he was progressively being entrusted with the responsibilities relating to Marketing, Manufacturing, Strategic Sourcing and Product Development. I am confident that Vinod will be able to successfully lead from the front. The Company is on the threshold of significant growth and the blend of experience and youth in the top leadership team will be a great asset."

"Under Mr Seshasayee’s leadership, Ashok Leyland has consistently grown from strength to strength to its present position. His contribution to the Company’s transformation has been immense and the Board is very keen that the organisation should continue to benefit from his insightful thinking, deep knowledge and wide experience. He will now focus on strategic initiatives towards globalisation of the Company’s operations as well as leadership development," he said.

Dasari joined Ashok Leyland in 2005, prior to which he was Joint Managing Director of Cummins India Limited. Having started his career with General Electric USA in 1986, Mr. Dasari worked at Timken for two years: the assignments being as President, Global Rail division and Managing Director, Timken, India. He also serves on the Boards of Automotive Coaches & Components Limited (ACCL), Gulf Ashley Motor Limited, Gulf Oil Corporation Limited, Irizar-TVS Limited, Ashok Leyland UAE LLC, Lanka Ashok Leyland PLC and Water Partners International (a non-profit organisation).

Q3 revenue up 22.5% at Rs. 2,227.25 crores

Ashok Leyland has reported a 22.5% increase in its revenue for the third quarter of the current fiscal at Rs. 2,227.25 crores as against Rs. 1,817.49 crores for the corresponding quarter of 2009-10. Sales volume for the quarter witnessed a healthy increase of 14% at 18,437 nos (16,129 nos) with exports registering a jump of 147% at 3,513 nos (1,425 nos). Net profit for the quarter, however, slipped by 59% at Rs. 43.37 crores (Rs. 104.63 crores).

Employee cost rose by 40% at Rs. 243.92 crores (Rs. 173.62 crores) owing partly to increase in manpower strength. Other expenditure also increased by 35% at Rs. 187.93 crores as against Rs. 139.70 crores for the corresponding quarter of the previous fiscal attributable to expenses incurred for the setting and ramping up of the Pantnagar manufacturing facility, increased focus on R&D and the high-decibel launch of the new, innovative U-Truck platform. Financial expenses were also up by 193% at Rs. 47.48 crores (Rs. 16.21 crores) due to an increase in working capital.

Production volume at 19,291 nos for the quarter compares well with corresponding quarter of last year (19,411 nos).

For the nine months ended December 2010, sales revenue was higher by 69% at Rs. 7,289.18 crores (Rs. 4,312.84 crores). Net profit was also up 66% at Rs. 333.07 crores (Rs 201.01 crores).

 
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