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Dolat Capital Report
Ashok Leyland Ltd. reported weak numbers in Q2, impacted by the slowdown in the medium and heavy commercial vehicle market and adverse product mix.
Ebitda stood at Rs 804 million (down 65% YoY) with contracted margin at 2.8% (down 298 basis points YoY), led by negative operating leverage.
However, the longer-term outlook looks attractive with improving outlook for infrastructure, e-commerce and mining and traction in the hub-and-spoke model.
Management expects commercial vehicle numbers to see growth in H2 FY21.
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