Ashok Leyland, the 2nd largest commercial vehicle manufacturer in India, reported a fall of 36.71% in net profit for the quarter ended Mar. 31, 2015. During the quarter net profit stood at Rs 2.30 billion for the quarter ended Mar. 31, 2015 as compared to Rs 3.63 billion in the same period last year.

The company saw an increase of 46.44% in total revenues to Rs 45.06 billion from Rs 30.77 billion in the same quarter last year.

Speaking on the occasion, Vinod K Dasari, managing director said, ''It's been a very gratifying year. All our efforts towards the transformation of the company in terms of pruning costs, rationalizing overheads, reducing working capital and at the same time investing smartly in new products and network are paying off. The industry has turned the corner and so have we. I am confident that coming years will see us build on this momentum.''

Shares of the company declined Rs 1.65, or 2.29%, to trade at  Rs 70.35.  The total volume of shares traded  was  4,038,740 at the BSE (1.47 p.m., Wednesday).