Ashok Leyland Q4 Review - Focus On Market Share: Systematix
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Systematix Research Report
Ashok Leyland Ltd.’s Q4 FY21 Ebitda was 10%/11% ahead of our/consensus estimate driven by better than expected realisation and strong cost control.
However, gross margin disappointed on raw material inflation and higher discounts QoQ.
The management expects near term demand to remain muted as the economy reopens following the relaxation of lockdowns (more pronounced in the South which is the company's key market).
The company continues to focus on exports, light commercial vehicles and defence to overcome the cyclicality in the domestic commercial vehicle business.
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