BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Ashok Leyland Ltd.’s FY20 Annual Report highlights its muted operating performance.
Standalone Ebitda declined by 63% YoY to Rs 11.7 billion (FY19: Rs 31.4 billion), led by decrease in domestic volumes of light commercial vehicles/ Medium and heavy commercial vehicles by 14%/46% due to the weak operating environment.
Hinduja Leyland Finance Ltd.’s standalone profit after tax growth was subdued 4% YoY to Rs 2.9 billion due to 92% decline in other income to Rs 0.1 billion.
Losses of other subsidiaries increased to Rs 1.8 billion (FY19: Rs 1.5 billion) while revenue declined.
Standalone capitalization of expenses increased to Rs 4.6 billion, 68.9%/5.2% of overall research and development spends/gross block (FY19: Rs 2.9 billion, 43.6%/3.8%).
Standalone Intangible assets increased 46% YoY to Rs 10.8 billion, 14.9% of net worth, mainly comprising ‘in-house developed’ intangible assets.
In FY20, ‘acquired technical knowhow’ of Rs 528 million (net block) has been regrouped into ‘in-house developed’.
Useful life of ‘acquired’/‘in-house developed’ intangible assets stands at five to six years/six to 10 years.
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