Ashok Leyland Ltd

Ashok Leyland is a holding company. The Company is engaged in Commercial vehicles and related components. Through its subsidiaries, it is engaged in manufacturing and trading in Medium and Heavy Commercial Vehicle, Light Commercial Vehicles, Passenger vehicles, automotive aggregates, vehicle financing and engineering design services.

Pros:
Stock is providing a good dividend yield of 3.90%.
Company has good consistent profit growth of 43.55% over 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 25.45%
Company has been maintaining a healthy dividend payout of 41.20%
Cons:

Peer Comparison Sector: Automobile // Industry: Automobiles - LCVs / HCVs

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
4,516 6,654 4,258 6,076 7,191 8,780 6,263 7,621 6,325 8,846 5,684 3,930
4,126 5,924 3,954 5,467 6,619 7,655 5,595 6,792 5,677 7,860 5,147 3,701
Operating Profit 390 730 303 609 572 1,125 668 829 649 985 537 229
OPM % 9% 11% 7% 10% 8% 13% 11% 11% 10% 11% 9% 6%
Other Income 26 -288 26 56 304 62 35 10 15 -3 1 -19
Interest 45 42 37 41 37 24 14 20 19 17 13 30
Depreciation 131 139 132 141 146 157 152 148 161 160 165 160
Profit before tax 240 260 160 483 693 1,006 536 671 484 806 361 19
Tax % 32% -83% 31% 31% 30% 26% 21% 21% 21% 19% 36% -103%
Net Profit 162 476 111 334 485 743 422 528 381 653 230 39
EPS in Rs 0.55 1.63 0.38 1.14 1.66 2.54 1.44 1.80 1.30 2.22 0.78 0.13
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
7,935 6,098 7,407 11,417 13,380 12,481 10,301 13,916 18,937 20,140 26,356 29,055 24,785
7,128 5,642 6,648 10,203 12,282 11,650 10,240 13,157 16,487 18,280 23,675 25,973 22,385
Operating Profit 808 456 760 1,214 1,098 831 61 759 2,450 1,860 2,682 3,082 2,400
OPM % 10% 7% 10% 11% 8% 7% 1% 5% 13% 9% 10% 11% 10%
Other Income 84 91 91 44 201 397 678 493 -888 143 450 106 -6
Interest 76 160 102 189 255 377 453 394 248 155 147 70 78
Depreciation 177 178 204 267 353 381 377 416 488 518 598 621 645
Profit before tax 638 208 545 802 690 471 -91 442 827 1,330 2,386 2,497 1,670
Tax % 26% 9% 22% 21% 18% 8% 132% 24% 53% 8% 28% 21%
Net Profit 469 190 424 631 566 434 29 335 390 1,223 1,718 1,983 1,303
EPS in Rs 1.64 0.63 1.47 2.21 1.96 1.53 0.11 1.08 1.37 4.30 5.87 6.76 4.43
Dividend Payout % 43% 70% 47% 42% 47% 37% 0% 38% 69% 36% 41% 46%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:16.90%
5 Years:23.05%
3 Years:15.34%
TTM:-16.98%
Compounded Profit Growth
10 Years:27.24%
5 Years:43.55%
3 Years:36.99%
TTM:-39.06%
Stock Price CAGR
10 Years:11.55%
5 Years:7.88%
3 Years:-1.29%
1 Year:-25.07%
Return on Equity
10 Years:14.70%
5 Years:20.40%
3 Years:25.45%
Last Year:25.53%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
133 133 133 133 266 266 266 285 285 285 293 294 294
Reserves 2,016 3,341 3,536 3,830 3,946 4,189 4,182 4,834 5,123 5,833 6,953 8,039 7,189
Borrowings 888 1,958 2,280 2,568 3,098 4,355 4,690 3,350 2,415 2,145 1,226 632 2,644
2,542 2,479 3,371 4,086 4,631 4,347 3,887 4,944 5,376 6,391 9,292 9,937 6,461
Total Liabilities 5,578 7,911 9,321 10,617 11,942 13,157 13,025 13,412 13,198 14,654 17,764 18,902 16,587
1,526 3,399 4,250 4,634 4,914 5,282 5,660 5,256 4,792 4,971 5,548 5,615 6,328
CWIP 529 998 561 358 548 689 182 120 76 206 423 658 458
Investments 610 264 326 1,230 1,534 2,338 2,790 2,649 1,980 2,879 5,607 2,636 2,696
2,914 3,250 4,183 4,395 4,945 4,849 4,394 5,388 6,349 6,599 6,186 9,993 7,104
Total Assets 5,578 7,911 9,321 10,617 11,942 13,157 13,025 13,412 13,198 14,654 17,764 18,902 16,587

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
1,066 -526 1,090 591 1,147 728 556 1,777 1,683 2,155 5,643 -362
-810 -664 -783 -918 -1,054 -1,165 -111 103 364 -1,477 -3,429 2,312
365 459 123 -14 -241 417 -449 -1,179 -1,211 -1,372 -2,091 -1,616
Net Cash Flow 621 -731 430 -340 -148 -20 -3 700 836 -694 123 334

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 25% 8% 10% 16% 14% 7% -2% 8% 23% 22% 30% 30%
Debtor Days 17 57 50 37 34 42 46 33 24 19 13 31
Inventory Turnover 6.92 4.78 4.99 5.94 6.03 6.05 6.68 10.76 12.53 9.46 12.01 13.08