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Ashok Leyland: Disappointing bottomline! - Views on News from Equitymaster
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Ashok Leyland: Disappointing bottomline!
Feb 1, 2006

Ashok Leyland announced its 3QFY06 results yesterday. Despite a mere 2% YoY volume growth in 3QFY06, the topline grew by a commendable 22% YoY, indicating improving product mix and better price realisations. However, burdened by a significant rise in other operating expenses, the topline performance failed to trickle down at the operating level, as is evident from the 60 basis point contraction in operating margins. On the net profit front, the performance was all the more disappointing, largely due to a jump in the interest outgo.

(Rs m) 3QFY05 3QFY06 Change 9MFY05 9MFY06 Change
Net sales 9,871 12024.3 21.8% 27,231 35,157 29.1%
Expenditure 8,852 10863.3 22.7% 24,713 31,943 29.3%
Operating profit (EBDITA) 1,020 1,161 13.9% 2,519 3,214 27.6%
EBDITA margin (%) 10.3% 9.7%   9.2% 9.1%  
Other income 62 16.1 -74.2% 211 219 3.6%
Interest (net) 18 70.77 286.1% 39 52 31.6%
Depreciation 255 290.15 13.7% 753 930 23.5%
Profit before tax 808 816 1.0% 1,937 2,451 26.5%
Extraordinary item (24) -20.84 -13.2% (71) 238 -435.4%
Tax 248 250.26 1.1% 579 736 27.2%
Profit after tax/(loss) 537 545 1.5% 1,288 1,953 51.7%
Net profit margin (%) 5.4% 4.5%   4.7% 5.6%  
No. of shares (m) 1,189 1,189   1,189 1,189  
Diluted earnings per share (Rs)*         2.9  
Price to earnings ratio (x)*         11.2  
(* trailing twelve months)            

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