Anand Rathi's research report on Ashok Leyland
We continue to expect strong replacement demand to come in high-tonnage and multi-axle vehicles, which will drive growth; and subsequent capital formation will further fuel growth beyond FY22. We believe that the company needs to take 10-12% price increase to cover the cost and expect the company to achieve the same.
We maintain a Buy at a higher target price of Rs153 (29x FY23e).
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