Rating: BUY | All clear to improved industry profitability

夜上海论坛

Ashok Leyland (AL) reported a robust performance in Q2, with a significant increase in Ebitda and recurring PAT by 29-32% q-o-q (2-3x y-o-y), aligning with Jefferies expectations. Volumes witnessed a notable growth of 10% y-o-y (+21% q-o-q), although ASP declined by 2% q-o-q. The Ebitda margin saw a substantial expansion of 120bp q-o-q, reaching 11

Page 9 of 9