ASHOKLEY · Capital Goods
Ashok Leyland Ltd. reported revenue of ₹11,995 cr for October to December 2024, +8.1% on the year and +7.6% on the quarter.
Operating profit (EBITDA) was ₹2,336 cr, a margin of 19.5%, +180 bps on the year and +118 bps on the quarter. It is the widest margin of the last 7 quarters (range 15.6% to 19.5%). Operating costs grew +5.8% against revenue growth of +8.1%, so more of each rupee of sales reached operating profit.
Net profit was ₹820 cr, +34.6% on the year and +6.9% on the quarter, with earnings per share of ₹1.30. Profit before other income, one-offs and tax grew 12.7%, so 22 points of the headline growth came from outside the core business. The tax rate of 28% is in line with its recent average.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹4.82 over the last four quarters, the stock at ₹169.20 trades at 35.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Headline profit grew much faster than core profit. What made up the difference?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹11,429 cr | ₹11,093 cr | ₹13,542 cr | ₹10,724 cr | ₹11,148 cr | ₹11,995 cr | ₹14,696 cr | ₹11,709 cr | ₹12,577 cr | ₹14,830 cr | ₹17,246 cr | ₹13,070 cr |
| YoY | — | — | — | +11% | −2% | +8% | +9% | +9% | +13% | +24% | +17% | +12% |
| EBITDA margin | 16.4% | 17.7% | 19.0% | 17.4% | 18.3% | 19.5% | 20.4% | 18.6% | 19.4% | 19.0% | 19.2% | 18.4% |
| Other income, % of PBT | −0% | 5% | 1% | 5% | 23% | 7% | 1% | 12% | 9% | −12% | 10% | 21% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 39% | 38% | 38% | 28% | 29% | 28% | 23% | 26% | 27% | 28% | 29% | 30% |
| Net profit | ₹569 cr | ₹609 cr | ₹934 cr | ₹551 cr | ₹767 cr | ₹820 cr | ₹1,246 cr | ₹658 cr | ₹820 cr | ₹862 cr | ₹1,381 cr | ₹668 cr |
| YoY | — | — | — | −6% | +35% | +35% | +33% | +19% | +7% | +5% | +11% | +2% |
| Core profit YoY | — | — | — | +16% | −10% | +13% | +6% | +8% | +23% | +27% | +10% | −4% |
| EPS | ₹0.90 | ₹0.95 | ₹1.45 | ₹0.87 | ₹1.20 | ₹1.30 | ₹1.92 | ₹1.04 | ₹1.29 | ₹1.38 | ₹2.20 | ₹1.05 |
| Flags | · | · | · | ✓ | 1 | 1 | 1 | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Ashok Leyland Ltd. reported revenue of ₹11,995 cr (+8.1% on the year) and net profit of ₹820 cr (+34.6% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +12.7% on the year, against +34.6% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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