Ashok Leyland Q3 Review - Cost Pressures Eat Into Gains From Operating Leverage: Motilal Oswal  
Workers attach lights to the cab of a vehicle on an Ashok Leyland production line in Hosur, India. (Photographer: Rogan Macdonald/Bloomberg News)

Ashok Leyland Q3 Review - Cost Pressures Eat Into Gains From Operating Leverage: Motilal Oswal  

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.

Motilal Oswal Report

Ashok Leyland Ltd.’s Q3 FY21 performance was impacted by adverse mix, increase in discounts, and commodity cost inflation.

Performance was weaker than its peers (probably due to timing differences of cost inflation).

The company remains a pure play on a commercial vehicle cycle recovery, with additional levers for expansion of revenue pools.

We have left unchanged our FY21E/FY22E earning per share estimates as upgrades in volumes are offset by a reduction in margin.

Click on the attachment to read the full report:

Motilal Oswal Ashok Leyland Q3FY21 Result Update.pdf

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