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Auto stocks: Are high PEs justified?

(Sep 29, 2012)

This article discusses whether auto companies with high PE deserve such high price multiples.

How to solve the auto puzzle?

(Dec 23, 2010)

In this article, Equitymaster attempts to help investors to understand the automobile sales trend from a long term perspective

CVs: Cash is the king!

(Oct 13, 2005)

The commercial vehicle (CV) industry is inherently cyclical in nature. In this article, we shall try to understand whether working capital is an indicator of the cyclical nature of the CV industry and also its impact on financials. For the purpose of this article, we have considered the financial details of Ashok Leyland, as it is not only a pure commercial vehicle manufacturer but also the second largest player in the CV industry. Hence, its performance can be considered as a proxy to that of t

Ashok Leyland: Margins throw a spanner

(Oct 26, 2004)

Ashok Leyland, one of India’s leading producers of CV, has faced the heat on the expenses front during 2QFY05. As a consequence, while the topline has grown at a steady rate of 11% YoY, the bottomline has witnessed a fall of 20% YoY in the quarter under consideration. For the half yearly period, the corresponding figures stood at 23% and 10% growth respectively.

CVs: Tata Motors or Ashok Leyland?

(Aug 18, 2004)

Owing to robust economic activity and improvement in road infrastructure, the CV industry has seen a sharp spurt in demand over the last three years or so. Given the better economics of road transport vis-à-vis its railways counterpart, the demand is likely to hold itself in the medium to long term as well. Hence, if an investor wants to be a part of the CV growth story, how should one go about it?

Ashok Leyland: Future holds promise but…

(Apr 15, 2004)

Given the significant investments towards construction activities and improvements in road infrastructure, it was anticipated that the commercial vehicles (CV) industry is in for good times. And as expected, Ashok Leyland, the leading player in the industry has done little to disappoint. The company has posted an all time high sales of nearly 49 thousand vehicles, a significant 34% jump from what it managed to sell in FY03. Also, in view of its strong growth in the last two years, the company ha

Ashok Leyland: Topline surprise

(Oct 28, 2003)

Ashok Leyland, the country's second largest commercial vehicle major, has posted a sharp 30% growth in sales for the second quarter ended September 2003. This was led by a significant rise in CV sales and savings on account of lower interest and depreciation charges. At the operating profit level, growth in profits for 1HFY04 is, however, lower at 14% YoY.

Ashok Leyland: Underperformer

(Jul 22, 2003)

Ashok Leyland, the second largest commercial vehicle (CV) manufacturer in the country, has posted a poor performance for the first quarter ended June 2003. While topline has grown at a slower pace, there has been a contraction in operating margins as well. But for a sharp fall in interest expenses, net profit could have declined during the quarter.

Auto: Take your pick

(Jun 7, 2003)

Consider the graph below that represents the change in stock price of key automobile stocks on the bourses over the last one year (i.e. from 5th June 2002 to 6th June 2003). On the top of the charts are Mahindra & Mahindra (M&M) and Tata Engineering (Telco) with gains of 34% and 37% respectively. Just to put things in perspective, in the same period, the benchmark BSE Sensex has moved up by just 1%. On the other hand, Hero Honda has significantly under-performed the index (down 28% YoY).

Ashok Leyland: Export insulation

(May 5, 2003)

Ashok Leyland (ASOK) has posted an impressive performance for the full year ended March 2003. While revenues are higher by 19%, net profit has increased by 30% in the same period. The sharp upturn in commercial vehicle (CV) demand has enabled the company to improve its profitability significantly.

Ashok Leyland: What in FY04?

(Nov 22, 2002)

If one were to analyse the second quarter performance of India Inc, the performance of some sectors like automobile stands out. Commercial vehicle (CV) manufacturers like Ashok Leyland have benefited immensely due to the recovery in the industrial sector and rise in freight rates. But will the company be able to sustain profitability?

Ashok Leyland: Expands margins

(Oct 25, 2002)

Ashok Leyland, the country's second largest player in the commercial vehicles (CVs) segment, has posted an impressive second quarter performance. While turnover has increased by 14%, there has been considerable rise in operating margins of the company in 2QFY03.

Ashok Leyland: Cruise mode

(Oct 7, 2002)

Ashok Leyland (ASOK), the second largest player in the commercial vehicle segment (CV), is seeing its stock price languish at current levels. We take a look at the recent monthly volume performance of the company and analyse in brief the future growth prospects.

Ashok Leyland: Moves into the profit zone

(Jul 26, 2002)

It has been a sharp reversal in trend for commercial vehicle majors like Ashok Leyland since 3QFY02. The No. 2 in the CV sector has posted a 11% rise in sales for 1QFY03. Similar to Tata Engineering (Telco), Leyland is also back in the black led by a notable improvement in operating margins.

Ashok Leyland: Changing mix

(May 8, 2002)

Ashok Leyland (ASOK), the No. 2 Indian commercial vehicle (CV) producer, has reported a marginal rise in sales and net profits for the fiscal year ended March 31, 2002. Given the challenging economic scenario, the company's attempt to diversify its revenues stream seems to be paying off.

Ashok Leyland: Northbound?

(Feb 25, 2002)

Auto stocks have been in the limelight over the last few days. After two years of sluggishness, higher agricultural output in the current fiscal seems to have brought some respite to the auto majors. Though two-wheeler majors have been on the rise in light of robust volumes, commercial vehicle (CV) demand also has picked up. The No. 2 in CV sector is Ashok Leyland (ASOK). We take a closer look at the performance of the company in the current fiscal and future prospects.

Ashok Leyland: Deferred tax woes

(Jan 25, 2002)

Ashok Leyland, the No. 2 in the commercial vehicle segment, has reported a dissappointing third quarter performance. Despite the recent rise in commercial vehicle (CV) sales, turnover for the company has fallen by 15%. While margins have increased, higher tax outgo has resulted in a sharp fall in profits.

Ashok Leyland: Below par

(Dec 5, 2001)

One of the key reasons behind the rally in auto stocks is the sharp rise in passenger car volumes and revival in commercial vehicles demand towards the later half of 1HFY02. While Telco reported a rise in heavy and medium commercial vehicle demand (M/HCV), Ashok Leyland's (ALL) CV sales continues to remain sluggish.

Ashok Leyland: A mixed 2QFY02 performance

(Oct 23, 2001)

Ashok Leyland, the second largest manufacturers of commercial vehicles (CVs) in India, has reported a 24.3% rise in net profits for the second quarter ended September 30, 2001. Sales during the quarter has increased by 4.9% to Rs 5,555 m.

Ashok Leyland: Market share gains

(Jul 25, 2001)

Ashok Leyland Ltd (ALL) has bucked the industry trend in 1QFY02, with a sales growth of 31% YoY. This was achieved as a result of market share gains as well as a better product mix. The company was able to reduce its net loss by 52% to Rs 94 m in 1QFY02 as a result of higher sales, better margins and tightened working capital requirements.


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