Ashok Leyland Q3 net zooms 56%: Street sees around 20% upside in stock
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The industry has been recovering from a slowdown in demand
Demand is expected to stay healthy with the government’s capex push and healthy GDP growth.
Analysts see a significant upside in Ashok Leyland after the company’s net profit for the third quarter surged 56 percent on the back of healthy demand and better margins. Its operating profit and operating profit margin beat Street estimates.
Target prices too see an upside of anywhere between 18 percent and 22 percent over the next 12 months, according to brokerages.
Also read: Ashok Leyland’s Q3FY23 results show 56% YoY rise in net sales
Better-than-expected average selling price and gross margin caused the company’s third-quarter EBITDA to rise 48 percent sequentially and beat Jefferies’ estimates by 16 percent, wrote analysts of the brokerage in a report.
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