July 21 (Reuters) - India’s Ashok Leyland Ltd posted a sharper-than-expected 61.7 percent fall in quarterly profit on Friday as the commercial vehicle manufacturer recorded an exchange loss on swap contracts.
Profit was 1.11 billion rupees ($17.26 million) in its fiscal first quarter ended June 30, compared with 2.91 billion rupees a year earlier, the company said. bit.ly/2ugS2sT
Analysts on average had expected a profit of 1.69 billion rupees, according to Thomson Reuters data.
The flagship company of the conglomerate Hinduja Group said it recorded a foreign exchange loss on swap contracts of 26.7 million rupees, compared with a gain of 496.7 million rupees a year earlier. ($1 = 64.3275 Indian rupees) (Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Subhranshu Sahu)