Ashok Leyland - Conducive Macros, Cyclical Recovery Underway: ICICI Direct 
Workers assemble engines on an Ashok Leyland Ltd. production line in Hosur, India. (Photographer Rogan Macdonald/Bloomberg News)

Ashok Leyland - Conducive Macros, Cyclical Recovery Underway: ICICI Direct 

Bookmark

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

Ashok Leyland Ltd. reported a muted operational performance in Q3 FY21.

Revenues came in at Rs 4,814 crore (up 19.9% YoY), with average selling prices down 1.2% QoQ at Rs 14.4 lakh/unit despite substantial product mix improvement in favour of medium and heavy commercial vehicles (approximately 50% of total volumes versus ~41% in previous quarter).

Total volumes were at ~33,400 units, up ~7% YoY. Ebitda margins were at 5.3% amid savings realised in other expenses.

Consequent reported loss after tax was at Rs 19 crore, impacted by an exceptional charge that also includes one-time VRS cost amounting to Rs 85 crore.

Click on the attachment to read the full report:

ICICI Direct Ashok Leyland Q3FY21 Result Update.pdf

DISCLAIMER

This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.