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Ashok Leyland jumps 6% ahead of March quarter earnings


Date: 25-05-2019
Subject: Ashok Leyland jumps 6% ahead of March quarter earnings
Ashok Leyland shares rallied more than 6 percent intraday on May 24 ahead of its March quarter earnings to be announced today.

The country's second largest commercial vehicle maker is expected to report a 4.9 percent year-on-year (YoY) increase in profit at Rs 700 crore, but revenue may fall 0.2 percent to Rs 8,750 crore, according to CNBC-TV18 poll estimates.

Ashok Leyland outperformed the industry in Q4 and its volumes recovered during the quarter after falling in the previous quarter.

Volumes grew by 1.3 percent YoY and 36 percent QoQ to 59,523 units with light commercial vehicle sales rising 8.3 percent YoY. However, medium & heavy commercial vehicle sales fell 0.9 percent YoY.

At the operating level, EBITDA (earnings before interest, tax, depreciation and amortisation) is expected to rise 1.8 percent YoY to Rs 1,051 crore and margin may expand 40 bps to 12.2 percent in the quarter ended March 2019.

On a sequential basis, the margin may improve 190 bps due to improvement in volumes and gross margins.

The stock was quoting at Rs 94.40, up Rs 5.60, or 6.31 percent on the BSE, at 13:58 hours IST.

Source: moneycontrol.com

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