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ICICI Direct Report
Ashok Leyland Ltd. reported an operationally strong Q4 FY21 performance.
Net sales came in at Rs 7,001 crore (up 82.4% YoY, 45.4% QoQ), with average selling prices climbing 10.3% sequentially to Rs 15.9 lakh/unit amid share of medium and heavy commercial vehicle within overall volumes rising to 60% versus 50% in the previous quarter.
Total volumes were at ~44,060 units, up ~31.9% QoQ.
Ebitda margins were at 7.6%, up 236 basis point QoQ despite ~250 basis points gross margin contraction as the company realised substantial operating leverage benefits.
Consequent profit after tax amounted to Rs 241 crore versus loss after tax of Rs 19 crore in Q3 FY21.
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