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Ashok Leyland -- In a sweet spot to ride the economic recovery

Though demand hit a speed breaker for Ashok Leyland due to the second wave of COVID, the outlook for the medium to long term looks promising

June 28, 2021 / 09:48 AM IST
Ashok Leyland -- In a sweet spot to ride the economic recovery

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

Like other commercial vehicle (CV) manufacturers, the final quarter of FY21 was very strong for Ashok Leyland (CMP: Rs 123.8, Mcap: Rs 36,210 crore). Volume, an important performance indicator for the company, has improved significantly, albeit on a low base last year. Operating profitability, however, took a hit because of the pressure on raw material cost, which got partially offset by operating leverage. Though demand hit a speed breaker due to the second wave of COVID, the outlook for the ...

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