Ashok Leyland - Feb 2011 Volumes Above Estimates - Not Rated - Motilal Oswal

ASHOK LEYLAND: Feb-11 volumes above estimates at 9,800 units (+24.5% YoY, +27% MoM); Not Rated

Ashok Leyland's Feb-11 volumes are above estimates with 24.5% YoY growth (~27% MoM) to 9,805 units. We model monthly run-rate of 12,118 units.

HCV volumes grew 26% YoY (~27% MoM) to 9,737 units (v/s est 9,250 units). We model monthly run-rate of 12,099 units.

HCV passenger segment volumes grew 11% YoY (~2% MoM) to 2,136 units (v/s est 2,250 units). We model monthly run-rate of 2,079 units.

HCV goods segment grew 31% YoY (~37% MoM) to 7,601 units (v/s est 7,000 units). We model monthly run-rate of 10,020 units.

The stock trades at 9.2x FY12 consensus EPS of Rs5.7 and 7.7x FY13 consensus EPS of Rs6.8. Not Rated.

Source : Equity Bulls

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