Ashok Leyland share price: Sharekhan revises price target to Rs 151
Ashok Leyland Q3 FY21 results were below expectations, mainly due to lower than-expected recovery in EBITDA margins. Net revenue grew by 19.9% yoy to Rs 4814 cr in Q3 FY21, led by 7.1% growth in volumes and 11.9% growth in average realisations. Ashok Leyland reported EBITDA margin contraction of 33 bps yoy at 5.3% for the Q3 FY21, which was lower by 233 bps from their expectations.
Sharekhan expects Ashok Leyland’s EBIDTA margin will improve aided by benefits arising from operating leverage and cost-cutting initiatives taken up by the company under ‘Project Reset’: Reuters