Hinduja said Ashok Leyland would launch the "Phoenix" project that would comprise unveiling vehicles in the 5-7 tonne segment, in which the company did not have a presence earlier.
Revenue from operations grew 0.8 percent to Rs 8,846 crore led by sales volumes, which increased 1.3 percent YoY and 36 percent quarter-on-quarter to 59,523 units
On sequential basis, margin may improve 190 bps due to improvement in volumes and gross margins.
"I truly believe that it's not just one partner who can contribute to the electric car dream in India. There are multiple agencies who will be involved in this," said Venkatesh Natarajan of Ashok Leyland
Most sectors have given a huge move on the upside, thanks to the multiple signs of support, either on price or momentum or both. The auto sector seems to be leading the pack
Net Sales are expected to increase by 5.6 percent Y-o-Y (up 46.5 percent Q-o-Q) to Rs. 9,265.6 crore, according to Sharekhan.
It is expected that Nifty Auto will converge towards Nifty very soon.
Net Sales are expected to decrease by 1.7 percent Y-o-Y (up 36.3 percent Q-o-Q) to Rs. 8,623.2 crore, according to Prabhudas Lilladher.
At 1503 hrs, Ashok Leyland was quoting Rs 91, up 4.36 percent on the BSE.
Ashok Leyland currently has manufacturing operations across nine countries, including the UAE, Bangladesh, Sri Lanka, Nigeria and the UK.
The company, which has earmarked a capex of Rs 1,500 crore for various projects during the current fiscal, is also working on a separate platform for light commercial vehicles (LCVs).
Sales of medium and heavy commercial vehicles during the month under review declined 6 percent to 16,034 units as against 17,057 units in a year-ago month, Ashok Leyland said in a BSE filing.
This order comes on the heels of the Hinduja flagship bagging 2,580 bus orders from various state transport undertakings recently, the company said Friday.
Light commercial vehicle sales during the month increased sharply by 11 percent to 4,954 units, but medium & heavy commercial vehicle sales fell 3 percent to 13,291 units in February YoY.
He said a lot of it is going to depend on what is the demand from the economy, and not on the transition to BS-VI transition.
The Chennai-based truck and bus maker launched the Guru 1010 in the intermediate commercial vehicle (ICV) segment and Boss 1616 and Boss 1916 in the medium duty vehicles (MDV) segment.
Ashok Leyland is still expecting 10-15 percent growth in industry volumes as it expects pre-buying of vehicles before the implementation of BS-VI transition effective from April 1, 2020.
Amid market volatility and weak demand outlook, the stock has corrected quite significantly, thereby making valuations attractive and offering investors a great buying opportunity
Medium & heavy commercial vehicle sales volumes were down 17 percent to 29,810 units and light commercial vehicle sales increased 27.7 percent to 13,953 units YoY.
Stocks like ICICI Bank, HDFC Bank, HDFC, Bajaj Finance, Maruti Suzuki, Ashok Leyland, Voltas, and Whirlpool could attract investor attention