As expected, the first quarter of FY21 was a washout for Ashok Leyland (CMP: Rs 61.75, Mcap: Rs 17,340 crore). The pandemic had hit the company hard as the better part of the quarter was under lockdown. The company suffered operating losses on account of a negative operating leverage. Quarter at a glance (image) Key highlights Ashok Leyland’s volumes shrank 90.4 per cent year-on-year (YoY) in the June quarter. In fact, the industry volume was insignificant during the quarter because of the country-wide lockdown. Realisations, however,...
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