Stung my piling inventory and losses, Hinduja group flagship Ashok Leyland on Friday announced a Voluntary Retirement Scheme (VRS).
"Conceived as a response to the continuing slowdown, the scheme aims to reduce manpower costs and align fixed costs to reduced activity levels," a company statement said.
"While the company maintained market share in the last quarter, volume pressures continue and we need to take some definite steps to manage the slowdown. The VRS package will be fair and would provide adequate compensation to any employee who opts for it." said Vinod K Dasari, MD of Ashok Leyland.
Only couple of days back the company said it incurred a net loss of Rs 25 crore. Some tax related write backs and profits on sale of subsidiary Defiance Testing for Rs 47 crore reduced the losses.
The scrip was fractionally up at Rs 16.85 at the BSE on Friday afternoon trades.
"Conceived as a response to the continuing slowdown, the scheme aims to reduce manpower costs and align fixed costs to reduced activity levels," a company statement said.
"While the company maintained market share in the last quarter, volume pressures continue and we need to take some definite steps to manage the slowdown. The VRS package will be fair and would provide adequate compensation to any employee who opts for it." said Vinod K Dasari, MD of Ashok Leyland.
Only couple of days back the company said it incurred a net loss of Rs 25 crore. Some tax related write backs and profits on sale of subsidiary Defiance Testing for Rs 47 crore reduced the losses.
The scrip was fractionally up at Rs 16.85 at the BSE on Friday afternoon trades.
No comments:
Post a Comment