Ashok Leyland Q3 results largely in-line with estimates, EBITDA up 27%

Shares of Ashok Leyland Ltd. declined on Wednesday, February 11 even as its third quarter earnings were largely in-line with estimates.

The automaker reported a net profit of 796 crore, up 4.5% from the previous year's ₹762 crore. However, it was below Street estimates of ₹978 crore.

Its revenue of ₹11,533 crore was 21.7% more than the previous year's ₹9,479 crore. It was also above CNBC-TV18 poll's ₹11,317 crore.

Ashok Leyland's earnings before interest, tax, depreciation and amortisation (EBITDA) increased 26.7% to ₹1,535 crore from ₹1,211 crore in the third quarter last year. It was also above Street expectations of ₹1,471 crore.

Its margin expanded to 13.3% from 12.8% in the year-ago period. It was marginally higher than Street estimates of 13%.

The company also reported a labour code impact of ₹308 crore.

Shares of Ashok Leyland were trading 0.6% lower at ₹208.56 apiece around 1.50 pm on Wednesday. The stock has gained 11.6% in the past month, 73.8% in the last six months and is up 104.8% in the past year.

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