Ashok Leyland moves north after robust Q1 numbers

Ashok Leyland was up 3.8% to Rs 97 at 14:50 IST on BSE after net profit rose 101% to Rs 290.78 crore on 10% growth in revenue to Rs 4258.84 crore in Q1 June 2016 over Q1 June 2015.

The result was announced during market hours today, 21 July 2016.

Meanwhile, the S&P BSE Sensex was down 118.95 points or 0.43% at 27,796.94.

The stock surged on high volumes. On BSE, so far 49.17 lakh shares were traded in the counter as against average daily volume of 14.55 lakh shares in the past one quarter. The stock hit a high of Rs 97.20 and a low of Rs 92.35 so far during the day. The stock had hit a record high of Rs 112.80 on 13 April 2016. The stock had hit a 52-week low of Rs 77.85 on 25 August 2015. The stock had underperformed the market over the past one month till 20 July 2016, sliding 6.32% compared with Sensex's 3.9% rise. The scrip had also underperformed the market in past one quarter, declining 13.59% as against Sensex's 8.02% rise.

The large-cap company has equity capital of Rs 284.59 crore. Face value per share is Rs 1.

Ashok Leyland's bottom line in Q1 June 2016 was boosted by gain on currency and interest rate swap of Rs 49.67 crore vis-vis a loss of Rs 18.05 crore in Q1 June 2015.

The company's earnings before interest, taxation, depreciation and amortization (EBITDA) rose 21.34% to Rs 476.27 crore in Q1 June 2016 over Q1 June 2015. EBITDA margin improved to 11.2% in Q1 June 2016, from 10.1% in Q1 June 2015.

Ashok Leyland's Managing Director Vinod K. Dasari said that key exports markets of the company were down in Q1 June 2016 but are expected to bounce back in Q2 September 2016 and beyond.

Ashok Leyland is the second largest manufacturer of commercial vehicles in terms of sales in India.

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