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Anand Rathi Report
We expect strong replacement demand in tillers and tippers in H2 FY22 to kick in for Ashok Leyland Ltd.
On the recovery in medium and heavy commercial vehicles and with the already robust demand for light commercial vehicles, we expect significant operating leverage-led margin expansion.
Also, its foray into electric vehicles (Switch mobility) as a separate subsidiary augurs well for long-term EV play and overall growth of Ashok Leyland.
Risks: Less-than-expected volume growth in FY22.
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