"It (HLF) is getting reverse merged and hopefully during this financial year, the company should get listed. I believe this will be a good way of unlocking the value because the true value of Leyland Finance is not getting reflected in the Ashok Leyland share prices," he said. The Hinduja group entities held 74.8% (excluding employee stock options) in HLF as on December 31, 2023, with Ashok Leyland - the primary shareholder holding 60.4%.
The merger will make HLF an NBFC, said KM Balaji, chief financial officer, Ashok Leyland. The current book value of HLF is INR 3,200 crore-based on Ashok Leyland's holding rate of INR 60 per share in the balance sheet but when it gets listed, it could be much higher, he said.
Ashok Leyland Net Falls 8.7% to INR 526 cr
Ashok Leyland reported a strong operational performance as the company's truck and bus sales surged to a record high of 43,893 units against 41,329 units boosting its revenue to INR 8,599 crore from INR 8,189 crore. The company's net profit during the three-month period however, slipped 8.7% to INR 525.58 crore from INR 576.42 crore in the corresponding quarter last year owing to an impact of last year's deferred tax liability.
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