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