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ICICI Direct Report
Ashok Leyland Ltd. reported a muted operational performance in Q1 FY21. Revenues came in at Rs 651 crore (down 88.5% YoY) but average selling prices rose to Rs 17.1 lakh per unit.
ASPs appear optically high due to increase in proportion of other segment revenues in the overall sales mix for Q1 FY21.
Total commercial vehicle sales volumes in Q1 FY21 were at 3,814 units (down 90% YoY) comprising medium and heavy commercial vehicle sales volume of 1,021 units (down 96% YoY) and light commercial vehicles sales volume of 2,793 units (down 78% YoY).
Reported loss at the Ebitda level was at Rs 333 crore, with margin performance being heavily impacted by negative operating leverage. Consequent reported loss at the profit after tax level came in at Rs 389 crore, further impaired by a steep rise in interest costs.
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