Sharekhan's research report on Ashok Leyland
Q3FY2023 results was above expectations as ALL reported 230 bps q-o-q expansion in EBITDA margin led by healthy product mix and commodity cost benefit. ALL is expected to benefit from its aggressive strategy of growing its market share through increased penetration across all regions, new product launches and well placed to benefit from e-mobility movement. The stock is trading at at P/E of 18x and EV/EBITDA of 10.5x its FY2025E estimates.
Outlook
We retain our Buy rating on Ashok Leyland Limited (ALL) with an unchanged PT of Rs 181, owing to its market share gains in MHCV segment and strong operating performance.
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