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IDBI Capital Report
Ashok Leyland Ltd.'s Q4 FY22 profit after tax was above consensus estimates primarily due to higher average realisations and better Ebitda margins.
Going forward, the management anticipates volume recovery to take place in FY23 in FY24 on account of-
pick up in the replacement market in Indian medium and heavy commercial vehicle segment and
demand emanating from M&HCV truck segment (Tippers) due to Government's strong infrastructure push.
Currently Ashok Leyland is in midst of compressed natural gas launches in its M&HCV business in India.
We increase our profit after tax estimates by 6.8% for FY24 to factor in volume and margin recovery.
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