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Ashok Leyland: Disappointing March quarter

Ashok Leyland should be able to outperform its peers on the back of its strong product portfolio

June 29, 2020 / 12:22 PM IST
Ashok Leyland: Disappointing March quarter

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Ashok Leyland (CMP: Rs52, Mcap: Rs15,397 crore) posted a very weak set of numbers for the March quarter. Net revenue halved due to a sharp decline in volumes and negative operating leverage dented operating profitability. Quarter at a glance (image) Key highlights Ashok Leyland’s volumes shrank 57.2 percent year-on-year (YoY) in the March quarter. Realisations, however, grew marginally by 1.3 percent. The significant decline in volume led to a 56.6 percent drop in net operating revenues. Volumes fell owing to lacklustre demand sentiment...

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