Ashok Leyland net declines 18% - Views on News from Equitymaster

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Ashok Leyland net declines 18%

Oct 25, 2000

Ashok Leyland Ltd (ALL) has reported a net profit of Rs 149 m for the 2QFY01, which is a decline of 18% YoY. The company's sales showed a marginal improvement at Rs 6,187 m. The main reasons for the decline in net are slowdown in CV sales, higher emission related costs and higher interest costs for working capital needs.

(Rs m)2QFY002QFY01Change
Sales6,1636,1870%
Interest39344413%
Depreciation4144253%
Profit after Tax/(Loss)182149-18%
Net profit margin (%)15.0%5.5% 
No. of Shares (eoy) (m)118.9118.9 
Diluted number of shares118.9118.9 
Diluted Earnings per share*6.15.0 
*(annualised)   
PER (x)7.59.2 

This quarter is a substantial improvement since the previous quarter (1QFY01) loss of Rs 196 m, however for the 1HFY01, the company continues to report a loss of Rs 48 m. These results have been below our expectations and as a result of this we would have to revise our FY01E forecasts downwards.

The company has announced a buy back of shares, and plans to buy back 15% of the equity capital at a price of Rs 60 per share.

On the current price of Rs 46, it is trading at 7.0x FY00 EPS of Rs 6.6.

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