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Dolat Capital Report
Ashok Leyland Ltd. exhibited a stellar performance, Q3 Ebitda margin expanded 233 basis points QoQ to 8.83% led by softening commodity price and better product mix along with benefit of operating leverage.
Ashok Leyland is constantly gaining market share in the higher tonnage segment. Medium and heavy commercial vehicle market share remain strong at 33 % (up 1148 basis points YoY) led by network expansion, successful launch of AVTR range.
Ashok Leyland's EV arm ‘Switch mobility' has won many orders in India and UK in the E-bus segment. The company has launched double decker EVs bus and are also planning to launch electric light commercial vehicle (electric version of Dost and Bada dost). The company is also in discussion with various investors to raise capital.
We expect softening raw material prices, increasing demand of high tonnage vehicles, increasing compressed natural gas presence and recovery in buses volume will lead to continuous increase in average selling price and margin improvement. Further expansion of EVs business, defense and spare parts to aid revenue.
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