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 5.15%.
Company has a good return on equity (ROE) track record: 3 Years ROE 25.54%
Company has been maintaining a healthy dividend payout of 37.37%
Cons:

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Mar 2019 Jun 2019
7,141 9,877 6,588
6,126 8,358 5,555
Operating Profit 1,015 1,519 1,034
OPM % 14% 15% 16%
Other Income 89 26 23
Interest 336 409 432
Depreciation 166 175 183
Profit before tax 603 961 441
Tax % 23% 22% 38%
Net Profit 443 713 247
Notes Notes Notes

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

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
11,859 15,708 21,260 22,871 29,636 33,197
11,489 14,565 18,281 19,759 25,403 28,322
Operating Profit 370 1,143 2,978 3,112 4,232 4,874
OPM % 3% 7% 14% 14% 14% 15%
Other Income 665 268 -321 338 206 175
Interest 805 872 925 1,049 1,227 1,502
Depreciation 530 580 524 573 646 676
Profit before tax -300 -42 1,209 1,829 2,565 2,872
Tax % 23% -415% 41% 11% 29% 24%
Net Profit -164 134 682 1,589 1,760 2,079
EPS in Rs 0.00 0.38 2.40 5.58 6.01 7.08
Dividend Payout % -0% 96% 40% 28% 40% 44%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:22.86%
3 Years:16.01%
TTM:12.02%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:30.47%
TTM:17.38%
Return on Equity
10 Years:%
5 Years:18.22%
3 Years:25.54%
Last Year:25.23%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
266 285 285 285 293 294
Reserves 3,723 4,227 4,979 6,100 7,128 8,452
Borrowings 8,500 9,070 11,054 13,168 15,791 19,168
5,273 6,134 6,331 7,807 10,742 12,063
Total Liabilities 17,762 19,715 22,648 27,360 33,954 39,976
7,573 6,529 5,890 6,591 6,596 6,695
CWIP 297 216 87 244 439 678
Investments 1,165 1,499 1,031 1,933 4,383 1,492
8,729 11,471 15,640 18,592 22,535 31,111
Total Assets 17,762 19,715 22,648 27,360 33,954 39,976

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
-104 95 -1,275 270 1,462 -3,745
-378 -124 456 -1,676 -3,163 1,897
461 781 1,660 738 1,905 2,398
Net Cash Flow -20 752 841 -668 205 549

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 9% 17% 16% 18% 17%
Debtor Days 43 31 25 20 14 30
Inventory Turnover 9.82 11.88 9.38 11.47 12.55