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 


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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


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