 "ashok leyland, automobile, CV, COMMERCIAL VEHICLES")
The September quarter performance of the country’s second largest commercial vehicle maker was in line with street estimates. On a weak base, revenues were up 57 per cent over the year ago quarter, aided by volume gains (light commercial vehicles and exports) and price hikes. Despite higher raw material prices, operating profit was better than estimates due to lower operating expenses.
The stock, however, corrected in trade shedding 3.4 per cent on loss of market share, weak product mix and profit booking. The stock has gained 20 per cent since the start of September and 55 per cent calendar year-to-date.
