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Ashok Leyland: Not good enough

Jan 24, 2003

Ashok Leyland (ASOK), the country's second largest player in the commercial vehicle (CV) segment, has posted a sharp spurt in both revenues and profitability for the nine months ended December 2002. The company has benefited from the recovery in CV demand during the course of the year. But the company seems to be facing pressure on the realisations with the aggressive entry of Telco in the Southern market.

(Rs m) 3QFY02 3QFY03 Change 9mFY02 9mFY03 Change
Sales 4,344 5,733 32.0% 14,931 17,663 18.3%
Other Income 2 12 446.9% 85 85 -0.6%
Expenditure 3,653 5,014 37.2% 13,283 15,562 17.2%
Operating Profit (EBDIT) 691 720 4.1% 1,648 2,101 27.5%
Operating Profit Margin (%) 15.9% 12.5%   11.0% 11.9%  
Interest 232 129 -44.4% 676 469 -30.7%
Depreciation 238 242 1.6% 696 783 12.6%
Profit before Tax 224 361 61.3% 361 934 158.6%
Extraordinary items (7) - - (22) (87) -
Tax 81 129 57.9% 113 309 174.2%
Profit after Tax/(Loss) 135 233 72.3% 226 539 138.1%
Net profit margin (%) 3.1% 4.1%   1.5% 3.0%  
No. of Shares (m) 118.9 118.9   118.9 118.9  
Diluted Earnings per share* 4.5 7.8   2.5 6.0  
P/E ratio (x)         16.1  
(*annualised)            

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Sep 23, 2020 (Close)

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