3QFY2016 Result Update | Automobile
February 15, 2016
Ashok Leyland
BUY
CMP
`83
Performance Highlights
Target Price
`111
Quarterly highlights (Standalone)
Investment Period
12 Months
Y/E March (` cr)
3QFY16 3QFY15
% chg (yoy) 2QFY16
% chg (qoq)
Net Sales
4,085
3,361
21.6
4,940
(17.3)
EBITDA
430
240
78.9
594
(27.7)
Stock Info
EBITDA margin (%)
10.5
7.1
340 bp
12.0
(150 bp)
Sector
Automobile
Adj. PAT
205
32
539.2
292
(29.7)
Market Cap (` cr)
23,678
Source: Company, Angel Research
Net Debt (` cr)
1,432
Results in line with estimates: Ashok Leyland Ltd (ALL)’s 3QFY2016 results have
Beta
1.3
come in in line with our estimates. Revenues grew 22% yoy to `4,085cr, driven
52 Week High / Low
100/64
mainly by a 23% yoy growth in volumes. MHCV segment volumes (constituting
Avg. Daily Volume
1,245,853
80% of total volumes) grew strongly by 27% yoy while volumes in the LCV
Face Value (`)
1.0
segment grew by 9% yoy. Realisation/vehicle declined marginally by 1% yoy
BSE Sensex
22,986
mainly due to slight deterioration in the product mix. The operating margin
improved by 340bp yoy to 10.5% given the leverage due to strong volume growth
Nifty
6,981
and soft commodity prices. Margins were slightly lower than our estimate of 11%.
Reuters Code
ASOK.BO
The EBIDTA at `430cr was in line with our expectations of `440cr. During the
Bloomberg Code
[email protected]
quarter, the company incurred an exceptional loss of `6.5cr (`5cr due to
diminution in value of investments in JV/Subsidiary and `1.5cr due to loss on sale
Shareholding Pattern (%)
of immovable property). The Adjusted PAT, at `205cr, is in line with our estimate
Promoters
50.4
of `196cr.
MF / Banks / Indian Fls
10.5
Outlook and valuation: Given the improvement in fleet operators’ sentiments due
FII / NRIs / OCBs
25.5
to revival in the economy, improvement in profitabilities due to falling diesel
Indian Public / Others
13.6
prices, and policy action initiated in the infrastructure and the mining space, we
expect demand for MHCVs to continue to grow in double digits. The MHCV
industry is clearly in an up-cycle and we estimate ~20% CAGR in volume over
Abs. (%)
3m 1yr 3yr
FY2015- FY2017. Also, a better mix (higher proportion of MHCVs), reduction in
Sensex
(11.1)
(20.2)
17.5
record high discounts due to volume growth, and operating leverage would result in
Ashok Leyland
(8.1)
24.1
256.3
margin expansion, going forward. We expect the operating margin to improve from 7.6%
in FY2015 to 11.4% in FY2017 (in line with the margins witnessed in the previous up-cycle
in FY2011). We reiterate our Buy on the stock with a price target of `111 (based on 13x
3 year price chart
FY2017E EV/EBIDTA).
120
100
Key financials (Standalone)
80
Y/E March (` cr)
FY2014
FY2015
FY2016E
FY2017E
60
Net Sales
9,943
13,562
18,404
21,995
40
% chg
(20.3)
36.4
35.7
19.5
20
Adjusted net profit
(476)
234
977
1,336
0
% chg
-
-
317.7
36.8
EBITDA (%)
1.7
7.6
11.0
11.4
EPS (`)
(1.8)
0.8
3.4
4.7
Source: Company, Angel Research
P/E (x)
-
98.6
24.2
17.7
P/BV (x)
4.8
4.5
4.3
3.9
RoE (%)
(10.7)
4.6
17.7
22.3
RoCE (%)
(6.0)
5.6
17.7
22.8
Bharat Gianani
EV/Sales (x)
2.5
1.8
1.4
1.1
022-3935 7800 Ext: 6817
EV/EBITDA (x)
150.3
23.8
12.4
9.8
[email protected]
Source: Company, Angel Research; Note: CMP as of February 12, 2016
Please refer to important disclosures at the end of this report
1
Ashok Leyland | 3QFY2016 Result Update
Exhibit 1: Quarterly financial performance (Standalone)
Y/E March (` cr)
3QFY16
3QFY15
% chg (yoy)
2QFY16
% chg (qoq)
9MFY16 9MFY15
% chg (yoy)
Net Sales
4,085
3,361
21.6
4,940
(17.3)
12,866
9,056
42.1
Consumption of RM
2,380
2,237
6.4
3,032
(21.5)
7,724
5,748
34.4
(% of sales)
58.3
66.6
61.4
60.0
63.5
Staff costs
349
277
26.0
378
(7.7)
1,058
852
24.2
(% of sales)
8.5
8.2
7.7
8.2
9.4
Purchase of traded goods
512
266
92.2
446
14.8
1,312
939
39.7
(% of sales)
12.5
7.9
9.0
10.2
10.4
Other expenses
415
341
21.7
490
(15.3)
1,359
948
43.4
(% of sales)
10.1
10.1
9.9
10.6
10.5
Total Expenditure
3,656
3,121
17.1
4,345
(15.9)
11,453
8,487
35.0
Operating Profit
430
240
78.9
594
(27.7)
1,413
570
148.1
OPM (%)
10.5
7.1
12.0
11.0
6.3
Interest
67
98
(32.2)
70
(5.1)
213
305
(30.1)
Depreciation
109
100
8.8
113
(3.8)
326
306
6.4
Other income
26
17
49.9
26
(2.2)
79
87
(8.9)
PBT (excl. Extr. Items)
280
59
438
953
45
Extr. income/expense
(7)
0
(5)
(12)
109
(110.7)
PBT (incl. Extr. Items)
274
59
361.0
433
(36.7)
941
154
(% of sales)
6.7
1.8
8.8
7.3
1.7
Provision for taxation
75
27
146
297
49
(% of PBT)
26.8
46.0
33.3
31.1
109.2
Reported PAT
199
32
518.9
287
(30.7)
645
105
515.0
Adj PAT
205
32
292
656
(4)
Adj. PATM
5.0
1.0
5.9
5.1
(0.0)
Equity capital (cr)
285
266
285
285
266
Adjusted EPS (`)
0.7
0.1
1.0
2.3
(0)
Source: Company, Angel Research
Exhibit 2: 3QFY2016 - Actual vs Angel estimates
Y/E March (` cr)
Actual
Estimates
Variation (%)
Net Sales
4,085
4,015
1.7
EBITDA
430
440
(2.4)
EBITDA margin (%)
10.5
11.0
(50 bp)
Adj. PAT
205
196
4.5
Source: Company, Angel Research
Exhibit 3: Quarterly volume performance
(units)
3QFY16
3QFY15
% chg (yoy)
2QFY16
% chg (qoq)
9MFY16
9MFY15
% chg (yoy)
MHCV passenger
5,291
5,007
5.7
7,051
(25.0)
17,509
14,271
22.7
MHCV goods
17,890
13,269
34.8
22,800
(21.5)
57,004
37,123
53.6
Total volume (ex. Dost)
23,181
18,276
26.8
29,851
(22.3)
74,513
51,394
45.0
LCV
7,752
7,049
10.0
7,428
4.4
21,853
19,063
14.6
Total volume (incl. Dost)
30,933
25,325
22.1
37,279
(17.0)
96,366
70,457
36.8
Source: Company, Angel Research
February 15, 2016
2
Ashok Leyland | 3QFY2016 Result Update
ALL’s volumes continued to improve, reporting double-digit growth for the
sixth consecutive quarter. During 3QFY2016, volumes grew by a robust 23%
yoy. The MHCV segment continued to outperform, growing by 27% yoy,
helped by huge pent up demand, lower fuel prices which have led to
improvement in fleet operators’ profitability and revival in infrastructure
projects. LCV volumes recovered, growing by 9% yoy during the quarter.
Realisation/vehicle declined marginally by 1% yoy to `1,425,019, due to
deterioration in the product mix (lower defense supplies). Contribution/vehicle
grew 13% yoy to `416,315, given the soft commodity prices, increased
contribution from excise free Pantnagar plant and raw material control
initiatives.
ALL continued to gain market share on back of higher proportion of the fast
growing heavy trucks and geographical expansion. ALL’s MHCV market share
improved 490bp yoy from 27% in 9MFY2015 to 31.9% in 9MFY2016. Its
MHCV truck market share improved 460bp yoy from 25.5% in 9MFY2015 to
30.1% in 9MFY2016. Similarly, ALL’s market share in the MHCV passenger
segment increased
790bp yoy from
35.8% in 9MFY2015 to
43.7% in
9MFY2016.
Exhibit 4: Double-digit volume growth continues
Exhibit 5: Realisation & contribution trend
40,000
60
1,700,000
500,000
35,000
50
450,000
40
1,500,000
30,000
30
400,000
25,000
1,300,000
20
20,000
350,000
10
15,000
1,100,000
0
300,000
10,000
(10)
900,000
250,000
5,000
(20)
0
(30)
700,000
200,000
Overall Volumes
yoy chg %
Realisation/vehicle (`)
Contribution/vehicle (`)
Source: Company, Angel Research
Source: Company, Angel Research
Exhibit 6: MHCVs share in product mix rises yoy
Exhibit 7: Domestic market share trend
100
(%)
60
80
50
60
40
40
30
20
20
10
0
0
MHCV (%)
LCV (%)
MHCV Passenger
MHCV Goods
Overall MHCV
Source: SIAM, Angel Research
Source: SIAM, Angel Research
February 15, 2016
3
Ashok Leyland | 3QFY2016 Result Update
ALL maintained its double-digit margin for the fourth consecutive quarter, with
its margin for 3QFY2016 coming in at 10.5%. Higher proportion of MHCVs in
the product mix, benign commodity prices and operating leverage led to the
steep improvement in margins on a yoy basis.
ALL’s profits continue to improve, led by strong operating performance.
Exhibit 8: EBITDA margin improves sharply yoy
Exhibit 9: Bottom-line continues to improve yoy
700
14
400
10
600
12
300
10
500
5
8
200
400
6
300
0
100
4
200
2
0
100
(5)
0
0
(2)
(100)
(100)
(4)
(10)
(200)
(200)
(6)
(300)
(15)
EBIDTA (` cr)
Margin %
Net Profit (` cr)
Margin %
Source: Company, Angel Research
Source: Company, Angel Research
Conference call - Key highlights
The MHCV industry continues to maintain its strong momentum, reporting a
23% yoy growth in 3QFY2016. Better freight movement on back of improved
economic growth and improvement in fleet operators’ sentiment due to firm
freight rates and decline in diesel prices are spurring demand for MHCVs.
Further, a pick-up in infrastructure activities is also boosting MHCV demand.
MHCV demand is estimated to remain robust with ALL’s Management
expecting a healthy double digit industry growth in FY2017.
ALL continues to gain market share across regions backed by its improving
distribution network. ALL’s market share improved from 27% in 9MFY2015 to
about 32% in 9MFY2016.
In a bid to gain further market share, ALL would introduce two new products in
the intermediate commercial vehicle segment where it has relatively lower
market share. ALL would introduce a passenger variant (Sunshine) and a
goods carrier (Guru).
The production in the excise free Pantnagar plant stood at 10,000 units in
3QFY2016 as against 4,000 units in the corresponding quarter of last year.
Discounting/vehicle in the MHCV space continues to remain high. In
3QFY2016 the blended discounting increased to `2.4 lakh from `2.25 lakh in
2QFY2016. ALL however has been taking periodic price increases to
neutralize the impact of high discounts. ALL undertook a price increase of
about 1% in 3QFY2016.
ALL expects commodity prices to remain soft in the near term as lower raw
material prices flow into the P&L with a lag of a quarter.
February 15, 2016
4
Ashok Leyland | 3QFY2016 Result Update
ALL continues to focus on the export markets, particularly the Middle East and
Africa to enable diversification and reduce cyclicality. ALL aims to increase the
export contribution from 15% currently to 33% over the next three to five years.
ALL has guided for overall capex and subsidiary investment of `500cr in
FY2016. The capex would be towards new product development and R&D.
Further, ALL would invest for meeting the funding requirements of its
subsidiaries as well.
Investment arguments
Double-digit volume growth expected over the medium term as ALL would be a
direct beneficiary of the improving CV cycle: ALL is a pure CV play and is poised to
report strong double digit growth (~23% over FY2015-FY2017), given the uptrend
in the CV cycle. The MHCV segment, accounting for 80% of ALL’s total volumes,
has undergone a sharp improvement, growing by 45% yoy in 9MFY2016.
Improvement in fleet operators’ sentiments on back of better economic outlook,
and increase in profitability due to fall in diesel prices, would lead to continued
improvement in demand. The MHCV industry has shown improvement after a gap
of three years and we believe the industry would remain in an upcycle in the
medium term. Further we also expect improvement in the LCV segment in FY2016
on back of gradual improvement in sentiments.
EBITDA margin to improve amid volume improvement and operating leverage: We
expect ALL’s margins to improve sharply in FY2016/FY2017 and reach the pre-
down cycle levels. We estimate ALL’s margins to improve from 7.6% in FY2015
and reach ~11% in FY2017 (in line with margin levels reported by the company in
the FY2011 up-cycle). We believe the margin improvement would be driven by: (a)
a sharp improvement in MHCV volumes, (b) benefits of operating leverage, given
the sharp improvement in volumes, and (c) reduction in discounting levels.
Currently the discount/vehicle, at `2.5 lakh, is at record levels and is expected to
come down with sustained pick-up in demand.
Outlook and valuation
Given the improvement in fleet operators’ sentiments due to revival in the
economy, improvement in profitabilities due to falling diesel prices, and policy
action initiated in the infrastructure and the mining space, we expect demand for
MHCVs to continue to grow in double digits. The MHCV industry is clearly in an
up-cycle and we estimate ~20% CAGR in volume over FY2015- FY2017. Also, a
better mix (higher proportion of MHCVs), reduction in record high discounts due to
volume growth, and operating leverage would result in margin expansion, going forward.
We expect the operating margin to improve from 7.6% in FY2015 to 11.4% in FY2017 (in
line with the margins witnessed in the previous up-cycle in FY2011). We reiterate our Buy
rating on the stock with a price target of `111 (based on 13x FY2017E EV/EBIDTA).
February 15, 2016
5
Ashok Leyland | 3QFY2016 Result Update
Exhibit 10: Key assumptions
(units)
FY2012
FY2013
FY2014
FY2015
FY2016E
FY2017E
MHCV passenger
26,312
23,472
19,328
20,722
24,866
27,602
MHCV goods
67,425
55,442
40,976
56,938
80,925
95,287
LCV
7,593
34,918
28,205
26,904
30,559
34,216
Total volume (units)
101,990
114,612
88,509
104,564
136,351
157,104
% yoy chg
8.4
12.4
(22.8)
18.1
30.4
15.2
Source: Company, Angel Research
Company background
Ashok Leyland Ltd (ALL) is the country's second largest CV manufacturer. The
company has a strong presence in the MHCV segment, with a domestic market
share of ~28% as of FY2015. ALL enjoys a dominant position in southern India,
with a ~50% market share, and is currently focusing on expanding its presence in
northern and western India by increasing its touch points in the regions. The
company, through its JV with Nissan Motor and John Deere, intends to expand its
product portfolio and reduce the dependence on domestic truck industry which
contributes about 65% of the revenues.
February 15, 2016
6
Ashok Leyland | 3QFY2016 Result Update
Profit and loss statement (Standalone)
Y/E March (` cr)
FY2012
FY2013
FY2014
FY2015
FY2016E
FY2017E
Total operating income
12,904
12,481
9,943
13,562
18,404
21,995
% chg
13.0
(3.3)
(20.3)
36.4
35.7
19.5
Total expenditure
11,807
11,650
9,777
12,536
16,373
19,479
Net raw material costs
9,464
9,123
7,603
9,965
12,986
15,684
Employee expenses
1,036
1,087
1,000
1,184
1,478
1,535
Other
1,030
1,140
925
1,386
1,909
2,260
EBITDA
1,098
831
167
1,027
2,030
2,516
% chg
(9.6)
(24.2)
(81.0)
516.4
97.8
23.9
(% of total op. income)
8.5
6.7
1.7
7.6
11.0
11.4
Depreciation & amortization
353
381
377
416
446
455
EBIT
745
451
(530)
466
1,530
2,064
% chg
(21.3)
(39.5)
NA
NA
228.5
34.9
(% of total op. income)
5.8
3.6
(5.3)
3.4
8.3
9.4
Interest and other charges
255
377
453
394
293
308
Other income
201
397
67
124
119
155
Recurring PBT
690
471
(597)
341
1,411
1,909
% chg
(13.9)
(31.8)
NA
NA
313.4
35.3
Extraordinary income/(exp.)
4
271
506
101
(5)
PBT
686
200
(91)
442
1,405
1,909
Tax
124
37
(121)
107
434
573
(% of PBT)
18.1
18.5
132.2
24.3
30.9
30.0
PAT (reported)
566
434
29
335
972
1,336
ADJ. PAT
562
163
(476)
234
977
1,336
% chg
(10.7)
(71.0)
NA
NA
317.7
36.8
(% of total op. income)
4.4
1.3
(4.8)
1.7
5.3
6.1
Basic EPS (`)
2.1
1.6
0.1
1.2
3.4
4.7
Adj. EPS (`)
2.1
0.6
(1.8)
0.8
3.4
4.7
% chg
(10.7)
(71.0)
NA
NA
317.7
36.8
February 15, 2016
7
Ashok Leyland | 3QFY2016 Result Update
Balance sheet statement (Standalone)
Y/E March (` cr)
FY2012 FY2013
FY2014
FY2015
FY2016E
FY2017E
SOURCES OF FUNDS
Equity share capital
266
266
266
285
285
285
Reserves & surplus
3,942
4,189
4,182
4,834
5,239
5,716
Shareholders’ Funds
4,208
4,455
4,448
5,119
5,524
6,000
Total loans
2,395
3,505
3,884
2,591
2,500
2,400
Deferred tax liability
490
527
407
510
510
510
Other long term liabilities
4
2
2
2
4
4
Long term provisions
77
79
68
79
129
154
Total Liabilities
7,174
8,568
8,809
8,301
8,667
9,069
APPLICATION OF FUNDS
Gross block
7,256
7,991
8,699
8,555
8,755
8,955
Less: Acc. depreciation
2,343
2,709
3,012
3,300
3,746
4,201
Net Block
4,914
5,282
5,686
5,256
5,010
4,755
Capital work-in-progress
548
689
155
120
155
155
Goodwill
-
-
-
Investments
1,534
2,338
2,790
2,649
2,990
3,340
Long term loans and adv.
608
480
673
983
1,012
1,210
Other noncurrent assets
7
12
33
19
60
75
Current assets
4,304
4,297
3,471
4,285
6,751
8,272
Cash
33
14
12
751
349
550
Loans & advances
810
967
801
569
1,533
1,937
Other
3,461
3,315
2,659
2,964
4,869
5,784
Current liabilities
4,741
4,529
3,999
5,011
7,311
8,738
Net current assets
(438)
(233)
(528)
(726)
(560)
(466)
Misc. exp. not written off
-
-
-
Total Assets
7,174
8,568
8,809
8,301
8,667
9,069
February 15, 2016
8
Ashok Leyland | 3QFY2016 Result Update
Cash flow statement (Standalone)
Y/E March (` cr)
FY2012 FY2013 FY2014 FY2015 FY2016E FY2017E
Profit before tax
690
471
(91)
442
1,405
1,909
Depreciation
353
381
303
287
446
455
Change in working capital
22
(47)
274
609
(568)
107
Others
407
359
(325)
146
(18)
(187)
Other income
(201)
(397)
-
Direct taxes paid
(124)
(37)
121
(107)
(434)
(573)
Cash Flow from Operations
1,147
730
281
1,377
832
1,711
(Inc.)/Dec. in fixed assets
(755)
(876)
(174)
178
(235)
(200)
(Inc.)/Dec. in investments
(304)
(803)
(452)
141
(342)
(350)
Other income
201
397
-
-
Cash Flow from Investing
(859)
(1,282)
(626)
319
(576)
(550)
Issue of equity
0
(1)
-
19
-
-
Inc./(Dec.) in loans
47
1,110
379
(1,293)
(91)
(100)
Dividend paid (Incl. Tax)
309
187
-
(128)
(571)
(860)
Others
(793)
(761)
(37)
446
-
-
Cash Flow from Financing
(436)
534
342
(957)
(663)
(960)
Inc./(Dec.) in cash
(148)
(18)
(2)
740
(408)
202
Opening Cash balances
180
32
14
12
751
349
Closing Cash balances
32
14
12
751
349
550
February 15, 2016
9
Ashok Leyland | 3QFY2016 Result Update
Key ratios
Y/E March
FY2012
FY2013
FY2014
FY2015
FY2016E
FY2017E
Valuation Ratio (x)
P/E (on FDEPS)
39.5
149.1
NA
101.0
24.2
17.7
P/CEPS
24.4
41.7
NA
36.3
16.6
13.2
P/BV
7.6
5.0
5.0
4.6
4.3
3.9
Dividend yield (%)
1.2
0.7
NA
NA
2.1
3.1
EV/Sales
2.0
2.0
2.6
1.8
1.4
1.1
EV/EBITDA
23.7
28.7
153.5
24.4
12.4
9.8
EV / Total Assets
3.6
2.9
2.9
3.0
2.9
2.7
Per Share Data (`)
EPS (Basic)
2.1
0.6
(1.8)
0.8
3.4
4.7
EPS (fully diluted)
2.1
0.6
(1.8)
0.8
3.4
4.7
Cash EPS
3.4
2.0
(0.4)
2.3
5.0
6.3
DPS
1.0
0.6
-
-
1.7
2.6
Book Value
10.9
16.7
16.7
18.0
19.4
21.1
Returns (%)
ROCE (Pre-tax)
10.6
2.8
(6.0)
5.6
17.7
22.8
Angel ROIC (Pre-tax)
12.8
2.8
(6.0)
6.2
18.4
24.2
ROE
13.8
3.2
(10.7)
4.6
17.7
22.3
Turnover ratios (x)
Asset Turnover (Gross Block)
1.9
1.5
1.1
1.6
2.1
2.5
Inventory / Sales (days)
63
55
44
45
45
45
Receivables (days)
34
42
48
48
48
48
Payables (days)
108
123
144
145
145
145
WC cycle (ex-cash) (days)
(6)
(26)
(52)
(52)
(52)
(52)
Solvency ratios (x)
Net debt to equity
0.2
0.8
0.8
0.3
0.3
0.2
Net debt to EBITDA
0.8
4.0
20.9
1.4
0.8
0.5
Interest Coverage (EBIT / Int.)
2.9
0.6
(1.2)
1.2
5.2
6.7
February 15, 2016
10
Ashok Leyland | 3QFY2016 Result Update
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,
Bombay Stock Exchange Limited and Metropolitan Stock Exchange of India Limited. It is also registered as a Depository Participant with
CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is
a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing
/dealing in securities Market. Angel or its associates including its relatives/analyst do not hold any financial interest/beneficial
ownership of more than 1% in the company covered by Analyst. Angel or its associates/analyst has not received any compensation /
managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. Angel/analyst
has not served as an officer, director or employee of company covered by Analyst and has not been engaged in market making activity
of the company covered by Analyst.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should
make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the
companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine
the merits and risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
Note: Please refer to the important ‘Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may
have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement
Ashok Leyland
1. Analyst ownership of the stock
No
2. Angel and its Group companies ownership of the stock
No
3. Angel and its Group companies' Directors ownership of the stock
No
4. Broking relationship with company covered
No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
Ratings (Based on expected returns
Buy (> 15%)
Accumulate (5% to 15%)
Neutral (-5 to 5%)
over 12 months investment period):
Reduce (-5% to -15%)
Sell (< -15)
February 15, 2016
11