Buy Ashok Leyland, target price Rs 162: Religare Broking

Religare Broking has buy call on Ashok Leyland with a target price of Rs 162. The current market price of Ashok Leyland is Rs 152. Religare Broking recommended to keep stop loss at Rs 145.

Ashok Leyland, incorporated in the year 1948, is a Large Cap company (having a market cap of Rs 44429.21 Crore) operating in Auto sector.

Ashok Leyland. key Products/Revenue Segments include Commercial Vehicles, Spare Parts & Others, Sale of services, Engine & Gensets, Ferrous Castings, Scrap, Export Incentives, Other Operating Revenue for the year ending 31-Mar-2022.


Financials
For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 9620.28 Crore, up 32.72 % from last quarter Total Income of Rs 7248.49 Crore and up 72.19 % from last year same quarter Total Income of Rs 5586.91 Crore. Company has reported net profit after tax of Rs 183.59 Crore in latest quarter.

The company’s top management includes Mr.Dheeraj G Hinduja, Mr.Saugata Gupta, Mr.Jose Maria Alapont, Dr.Andrew C Palmer, Mr.Manisha Girotra, Mr.Sanjay K Asher, Mr.Jean Brunol, Dr.Andreas H Biagosch, Mr.Shom Ashok Hinduja, Mr.Gopal Mahadevan, Dr.C Bhaktavatsala Rao. Company has Price Waterhouse & Co Chartered Accountants LLP as its auditors. As on 30-09-2022, the company has a total of 294 Crore shares outstanding.

Investment Rationale
Inching gradually higher after breakout from the corrective phase. Expect the positive tone to continue.

Promoter/FII Holdings
Promoters held 51.54 per cent stake in the company as of September quarter, while FIIs owned 0 per cent and DIIs 19.5 per cent.