Ashok Leyland Ltd

₹ 159 -3.16%
23 Sep - close price
About

Ashok Leyland is the flagship Company of the Hinduja group, having a long-standing presence in the domestic medium and heavy commercial vehicle (M&HCV) segment. The company has a strong brand and well-diversified distribution and service network across the country and has a presence in 50 countries, it is one of the most fully-integrated manufacturing companies. Its headquarter is in Chennai [1]
They manage driver training institutes across India and have trained over 8,00,000 drivers since inception. [1]

Key Points

Segment Performance
M&HCV Truck Segment
Its trucks segment ranges from 2.5T GVW (Gross Vehicle Weight) to 55T GTW and some of its product are DOST, AVTR, PARTNER, etc [1]
It is the 14th largest manufacturer of trucks globally [2]
In FY20, it witnessed a steep decline in volume by 54%, with market share standing at 28.9% in the Domestic M&HCV Trucks Segment [3]
It launched India’s first-ever BS-VI compliant with i-Gen6 technology AVTR truck under the modular platform for the medium & heavy range in FY20 [4]

  • Market Cap 46,763 Cr.
  • Current Price 159
  • High / Low 169 / 93.2
  • Stock P/E 612
  • Book Value 24.9
  • Dividend Yield 0.63 %
  • ROCE 6.25 %
  • ROE 1.68 %
  • Face Value 1.00

Pros

  • Company is expected to give good quarter

Cons

  • Stock is trading at 6.40 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 2.78% over past five years.
  • Company has a low return on equity of 1.62% for last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
6,588 5,096 5,189 5,088 1,505 3,853 5,954 8,142 4,088 5,562 6,660 9,927 8,470
5,555 4,353 4,437 4,383 1,386 3,273 5,207 7,129 3,752 4,987 6,002 8,733 7,701
Operating Profit 1,034 743 752 705 119 580 747 1,013 336 576 658 1,194 770
OPM % 16% 15% 14% 14% 8% 15% 13% 12% 8% 10% 10% 12% 9%
23 -21 18 38 24 23 0 163 14 25 -34 -233 5
Interest 432 456 468 445 485 490 468 457 462 479 465 463 467
Depreciation 183 178 180 209 185 192 213 245 211 207 214 234 212
Profit before tax 441 88 121 89 -527 -79 66 473 -324 -84 -56 264 96
Tax % 38% 20% 53% 35% 26% -22% 42% 20% 22% 1% -92% 40% 77%
Net Profit 275 70 57 58 -389 -96 38 377 -252 -84 -108 158 22
EPS in Rs 0.84 0.15 0.09 0.06 -1.39 -0.42 0.05 1.20 -0.93 -0.35 -0.41 0.48 0.02
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
11,859 15,708 21,260 22,871 29,636 33,197 21,951 19,454 26,237 30,619
11,437 14,191 18,281 19,826 25,387 28,287 18,718 16,992 23,472 27,422
Operating Profit 422 1,517 2,979 3,045 4,248 4,910 3,233 2,462 2,765 3,198
OPM % 4% 10% 14% 13% 14% 15% 15% 13% 11% 10%
613 -106 -321 406 190 139 57 207 -230 -237
Interest 805 872 925 1,049 1,227 1,502 1,802 1,901 1,869 1,874
Depreciation 530 580 524 573 646 676 750 836 866 867
Profit before tax -300 -42 1,209 1,829 2,565 2,872 739 -67 -200 220
Tax % 23% -415% 41% 11% 29% 24% 38% -4% -43%
Net Profit -222 -205 712 1,633 1,814 2,195 460 -70 -285 -11
EPS in Rs -0.62 0.47 2.40 5.58 6.01 7.08 1.15 -0.56 -1.22 -0.26
Dividend Payout % -0% 96% 40% 28% 40% 44% 44% -107% -82%
Compounded Sales Growth
10 Years: %
5 Years: 3%
3 Years: -8%
TTM: 39%
Compounded Profit Growth
10 Years: %
5 Years: -39%
3 Years: -60%
TTM: 231%
Stock Price CAGR
10 Years: 21%
5 Years: 7%
3 Years: 30%
1 Year: 25%
Return on Equity
10 Years: %
5 Years: 11%
3 Years: 2%
Last Year: 2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
266 285 285 285 293 294 294 294 294
Reserves 3,723 4,227 4,979 6,100 7,128 8,452 7,495 7,568 7,010
8,500 9,070 11,054 13,168 15,791 19,168 22,417 24,077 24,145
5,035 6,011 5,806 7,056 10,171 11,212 7,924 10,119 12,125
Total Liabilities 17,524 19,592 22,123 26,609 33,383 39,126 38,130 42,058 43,574
7,573 6,529 5,890 6,591 6,596 6,695 8,031 8,484 7,895
CWIP 297 216 87 244 439 678 574 336 240
Investments 1,165 1,499 1,031 1,933 4,383 1,492 960 1,096 2,652
8,491 11,348 15,115 17,841 21,965 30,261 28,565 32,143 32,787
Total Assets 17,524 19,592 22,123 26,609 33,383 39,126 38,130 42,058 43,574

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-104 95 -1,275 270 1,462 -3,745 383 -1,065 2,845
-378 -124 456 -1,676 -3,163 1,897 -1,201 -973 -1,917
461 781 1,660 738 1,905 2,398 1,239 1,331 -378
Net Cash Flow -20 752 841 -668 205 549 421 -707 550

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 43 31 25 20 14 30 25 57 46
Inventory Days 69 58 50 73 42 52 42 76 53
Days Payable 116 108 71 85 96 88 90 162 150
Cash Conversion Cycle -5 -19 5 8 -39 -6 -22 -30 -52
Working Capital Days -6 -22 -5 -5 -31 10 16 113 69
ROCE % 9% 17% 16% 18% 17% 9% 6% 6%

Shareholding Pattern

Numbers in percentages

2 recently
Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
51.12 51.12 51.54 51.54 51.54 51.54 51.54 51.54 51.54 51.54 51.54 51.54
17.05 19.24 16.94 15.64 14.60 16.30 18.08 17.04 16.33 15.05 13.45 15.03
12.97 12.30 14.98 14.01 17.56 17.64 16.72 18.15 19.55 20.65 21.94 21.73
0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08
18.78 17.26 16.46 18.73 16.23 14.44 13.58 13.20 12.50 12.68 12.99 11.62

Documents

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