Ashok Leyland Q4 Review - Long Term Thesis Intact: Dolat Capital
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Dolat Capital Report
Ashok Leyland Ltd. printed impressive numbers in Q4 led by operating leverage and better mix.
Ebitda stood at Rs 5.34 billion (up 110% QoQ) with improved margin at 7.6% (up 236 basis points QoQ).
Despite the near term slowdown in the commercial vehicle segment, we remain positive on the company on the back of continued, sustainable market share improvement in domestic medium and heavy commercial vehicle (goods), while simultaneously reducing overall dependence on this cyclical segment led by light commercial vehicles, spare parts, exports and the defence verticals among others.
On E-mobility, the company is working on new products in bus and LCV segments.
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