Best case priced in! • Ashok Leyland :: ICICI Securities, pdf link

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Best case priced in!
• Ashok Leyland (ALL) reported revenues of | 3217.7 crore (~26% YoY
and ~30% QoQ growth) vs. our estimate of | 2966.7 crore owing to
higher net realisations on the back of better product mix.
• Margins at 7.3% were the major beat and saw a sharp improvement
(~500 bps YoY and ~260 bps QoQ) led by operating leverage benefit
• ALL posted PBT of | 56.3 crore (turning positive for the first time in
six quarters). Reported PAT aided by profit on sale of land parcel,
thus, came in higher-than-expected at | 120.7 crore

LINK
http://content.icicidirect.com/mailimages/IDirect_AshokLeyland_Q2FY15.pdf