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Why we like Ashok Leyland despite its washout quarter

Ashok Leyland expects electric vehicles to form a large part of the business in coming years

August 14, 2020 / 02:14 PM IST
Why we like Ashok Leyland despite its washout 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

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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