Hinduja group flagship company Ashok Leyland posted a 6 per cent decline in consolidated net profit during Q1FY25 to Rs 509 crore. The company had recorded a consolidated profit of Rs 544 crore during the corresponding period last year. The company’s total income posted a rise of 10 per cent to Rs 10,754 crore in the first quarter of the current financial year against Rs 9,735 crore the previous year. This was mainly because of the highest-ever commercial vehicle volumes of 43,893 units, compared to 41,329 units during the previous year. Explaining the reason for the dip in net profit, the company said it had to restate a deferred tax liability as it was switching over to the new tax regime. "In Q1FY24 of last year, as per the new tax structure, we had to restate the deferred tax liability from 35 per cent to 25 per cent. This meant we had a one-time gain of Rs 172 crore in deferred tax liability last year in Q1FY24," the company said on Thursday. It added that taking this into effect, last year's one-time gain from Q1FY25 results, PAT would be at Rs 526 crore and would have resulted in a 30 per cent growth in net profit in Q1 FY25.