External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>With sharp gross margin expansion and healthy traction in non-vehicle business ALL beats estimates in Q2FY25.</li><li>This was the seventh consecutive quarter when ALL has maintained its EBITDA margin above 10% mark.</li><li>The management has shared a positive outlook for the CV industry in H2FY25. Outlook We retain a Buy with a revised PT of Rs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

With sharp gross margin expansion and healthy traction in non-vehicle business ALL beats estimates in Q2FY25.This was the seventh consecutive quarter when ALL has maintained its EBITDA margin above 10% mark.The management has shared a positive outlook for the CV industry in H2FY25. Outlook We retain a Buy with a revised PT of Rs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ashok Leyland Ltd - Q2 Beats Hopes, Commitment for Profitable Growth Continue

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul>
<li>CV Industry Outlook: The domestic CV industry growth outlook in long-term appears moderately favorable, backed by i) A strong macroeconomic environment, ii) Healthy fleet utilization levels, iii) Govt capex on infrastructure projects, iv) The vehicle scrappage policy and v) Stable freight demand. </li>
<li>EV Business: The company has a strong order book of 2,000 electric buses which the company expects to deliver in next 15 to 18 months.</li>
<li>The management stated that Switch India will achieve EBITDA breakeven by FY25 end, while Switch UK/Europe may require additional investment due to weaker demand.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


CV Industry Outlook: The domestic CV industry growth outlook in long-term appears moderately favorable, backed by i) A strong macroeconomic environment, ii) Healthy fleet utilization levels, iii) Govt capex on infrastructure projects, iv) The vehicle scrappage policy and v) Stable freight demand. 
EV Business: The company has a strong order book of 2,000 electric buses which the company expects to deliver in next 15 to 18 months.
The management stated that Switch India will achieve EBITDA breakeven by FY25 end, while Switch UK/Europe may require additional investment due to weaker demand.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ashok Leyland - Robust Margins. Expect Improvement in CV Industry Volumes in H2FY25

<ul><li>Ahead of the festive season, freight rates are likely to stay high, on a rise in demand.</li><li>The CV segment is expected to perform better in H2FY25 versus H1FY25.</li><li>We retain a Buy rating with a PT of Rs. 285 on expectation of sustainable double-digit EBITDA margin and its profit-focused volume growth strategy.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ahead of the festive season, freight rates are likely to stay high, on a rise in demand.The CV segment is expected to perform better in H2FY25 versus H1FY25.We retain a Buy rating with a PT of Rs. 285 on expectation of sustainable double-digit EBITDA margin and its profit-focused volume growth strategy.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ashok Leyland Ltd - Margins to Continue Riding North

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Ashok Leyland’s (AL) 1QFY25 result was a miss as EBITDA margin at 10.6% (up 60bp YoY) came in lower than our est. of 12.4% largely due to one-time expenses for the battery pack software.</li><li>Management has reiterated its target of achieving mid-teen margins as it focuses on profitable growth.</li><li>We expect a recovery in CV demand from 2HFY25 onwards as structural demand drivers remain intact.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ashok Leyland’s (AL) 1QFY25 result was a miss as EBITDA margin at 10.6% (up 60bp YoY) came in lower than our est. of 12.4% largely due to one-time expenses for the battery pack software.Management has reiterated its target of achieving mid-teen margins as it focuses on profitable growth.We expect a recovery in CV demand from 2HFY25 onwards as structural demand drivers remain intact.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ashok Leyland - Margins Miss Estimates; Demand Drivers Remain Intact

<ul><li>In Q1FY25, Ashok Leyland reported revenue in line with our estimates while EBITDA/PAT were a miss.</li><li>Revenue grew by 5% YoY (down 24% QoQ), led by 6% volume growth and flattish ASP.</li><li>EBITDA grew by 11% YoY (down 43% QoQ) to Rs 911 Cr, a 6.6% miss on our estimate mainly due to higher other manufacturing expenses. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q1FY25, Ashok Leyland reported revenue in line with our estimates while EBITDA/PAT were a miss.Revenue grew by 5% YoY (down 24% QoQ), led by 6% volume growth and flattish ASP.EBITDA grew by 11% YoY (down 43% QoQ) to Rs 911 Cr, a 6.6% miss on our estimate mainly due to higher other manufacturing expenses. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ashok Leyland  - Expect Flattish MHCV Industry Volumes in FY25E

India

Ashok Leyland Limited manufactures medium and heavy duty commercial vehicles, including buses, tractors, dumpsters, haulage trucks, fire engines, and defense sector vehicles. The Company also manufactures industrial & marine engines, ferrous castings and spare parts for automobiles. Ashok Leyland sells its products in India and abroad.

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Ashok Leyland (AL IN)

Ashok Leyland Ltd - Q2 Beats Hopes, Commitment for Profitable Growth Continue

With sharp gross margin expansion and healthy traction in non-vehicle business ALL beats estimates in Q2FY25. This was the seventh consecutive...

Sharekhan

Ashok Leyland - Robust Margins. Expect Improvement in CV Industry Volumes in H2FY25

The domestic CV industry growth outlook in long-term appears moderately favorable, backed by i) A strong macroeconomic environment, ii) Healthy...

Axis Direct

Ashok Leyland Ltd - Margins to Continue Riding North

Ahead of the festive season, freight rates are likely to stay high, on a rise in demand.The CV segment is expected to perform better in H2FY25...

Sharekhan

Ashok Leyland - Margins Miss Estimates; Demand Drivers Remain Intact

Ashok Leyland’s (AL) 1QFY25 result was a miss as EBITDA margin at 10.6% (up 60bp YoY) came in lower than our est. of 12.4% largely due to one-time...

Motilal Oswal

Ashok Leyland - Expect Flattish MHCV Industry Volumes in FY25E

In Q1FY25, Ashok Leyland reported revenue in line with our estimates while EBITDA/PAT were a miss. Revenue grew by 5% YoY (down 24% QoQ), led by 6%...

Axis Direct

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