Ashok Leyland Ltd - Stock Valuation and Financial Performance

BSE: 500477 | NSE: ASHOKLEY | Automobiles-Trucks/Lcv | Mid Cap

Ashok Leyland Share Price

171.15 2.25 1.33%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on Ashok Leyland

Overall Rating
Bole Toh

1. Quality

2. Valuation

Fair

3. Price Trend

Semi Strong

Ashok Leyland stock performance -

mw4me loader
P/E Ratio (SA):
20.36
Market Cap:
50,255.2 Cr.
52-wk low:
133.1
52-wk high:
191.5

Is Ashok Leyland Ltd an attractive stock to invest in?

1. Is Ashok Leyland Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Ashok Leyland Ltd is a average quality company.

2. Is Ashok Leyland Ltd undervalued or overvalued?

The key valuation ratios of Ashok Leyland Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

3. Is Ashok Leyland Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Ashok Leyland Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Ashok Leyland:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Ashok Leyland Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % -0.6%4.1%8.9%16.1%21%23.3%3.5%-1%7.1%13.2%-
Value Creation
Index
-1.0-0.7-0.20.40.91.1-0.7-1.1-0.40.2-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 9,94313,56218,93720,14026,35629,05517,46715,30121,68836,14438,554
Sales YoY Gr.-36.4%39.6%6.4%30.9%10.2%-39.9%-12.4%41.7%66.7%-
Adj EPS -1.40.31.94.25.76.80.9-1.11.94.48.4
YoY Gr.-NA569%115.5%35.4%19.6%-86.9%-222.5%NA131.2%-
BVPS (₹) 12.314.41921.424.528.424.723.624.928.631.9
Adj Net
Profit
-37382.35521,1901,6581,980262-3205551,2822,469
Cash Flow from Ops. 5561,7771,6832,1555,643-36294121.12,6472,136-
Debt/CF from Ops. 8.41.91.410.2-1.83.5176.51.31.5-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 15.4%6.5%27.4%66.7%
Adj EPS NA-5%70%131.2%
BVPS9.8%3.1%5%14.9%
Share Price 22.4% 13.4% 14.5% 25.4%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
-8.41.710.520.624.825.43.4-4.57.816.327.8
Op. Profit
Mgn %
1.27.611.910.911.210.76.73.54.68.111.1
Net Profit
Mgn %
-3.80.62.95.96.36.81.5-2.12.63.66.4
Debt to
Equity
1.40.80.50.40.20.10.50.50.50.4-
Working Cap
Days
149107797865781321411228247
Cash Conv.
Cycle
3-13-11-8-25-22-24-15-19-141

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 27.80%

Sales growth is growing at healthy rate in last 3 years 27.43%

Net Profit is growing at healthy rate in last 3 years 69.97%

Sales growth is good in last 4 quarters at 16.45%

No data to display

Latest Financials - Ashok Leyland Ltd.

Standalone Consolidated
TTM EPS (₹) 8.4 8.1
TTM Sales (₹ Cr.) 38,554 45,219
BVPS (₹.) 31.9 32.3
Reserves (₹ Cr.) 9,080 9,188
P/BV 5.36 5.30
PE 20.36 21.09
From the Market
52 Week Low / High (₹) 133.10 / 191.45
All Time Low / High (₹) 1.00 / 191.45
Market Cap (₹ Cr.) 50,255
Equity (₹ Cr.) 293.6
Face Value (₹) 1
Industry PE 35.4

Management X-Ray of Ashok Leyland:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *18.4417.4017.8419.0419.0419.0419.0419.0415.0415.04
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Ashok Leyland

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales9,94313,56218,93720,14026,35629,05517,46715,30121,68836,144
Operating Expenses 9,82712,53616,69217,94523,39625,96516,29414,77520,69933,213
Manufacturing Costs294315423499609643404381512622
Material Costs7,6039,96513,19513,97318,43120,68012,36911,40316,76127,849
Employee Cost 1,0001,1841,3851,4801,8382,0991,6151,5841,6952,114
Other Costs 9301,0721,6891,9932,5182,5441,9061,4071,7312,628
Operating Profit 1171,0272,2452,1952,9603,0901,1745279892,931
Operating Profit Margin (%) 1.2%7.6%11.9%10.9%11.2%10.6%6.7%3.4%4.6%8.1%
Other Income 11612413216019715312312882116
Interest 45339424815514770109307301289
Depreciation 377416488518598621670748753732
Exceptional Items 506101-815-351-25-55-156-1251185
Profit Before Tax -914428271,3302,3862,497362-4125282,110
Tax -121107437107668514122-98-14730
Profit After Tax 293353901,2231,7181,983240-3145421,380
PAT Margin (%) 0.3%2.5%2.1%6.1%6.5%6.8%1.4%-2.1%2.5%3.8%
Adjusted EPS (₹)0.11.21.44.35.96.80.8-1.11.94.7
Dividend Payout Ratio (%)0%38%69%36%41%46%61%-56%54%55%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 4,4485,1195,4076,1007,1778,3257,2416,9357,2998,388
Share Capital 266285285285293294294294294294
Reserves 4,1824,8345,1235,8156,8848,0326,9476,6417,0058,094
Minority Interest0000000000
Debt3,8842,5911,8461,3456133983,0653,7163,1172,035
Long Term Debt3,2972,5661,8211,1465132981,3542,5582,8511,766
Short Term Debt58725251991001001,7111,158267269
Trade Payables2,2142,8282,5633,1174,8885,0193,0375,1656,8757,175
Others Liabilities 2,2622,7732,9583,4784,6594,4823,0472,6343,0424,994
Total Liabilities 12,80813,31112,77414,04017,33618,22416,39018,45020,33422,592

Fixed Assets

Gross Block8,6728,5555,2795,8586,9307,5949,62010,55810,76411,168
Accumulated Depreciation3,0123,3004878871,3821,9792,8163,5074,1634,864
Net Fixed Assets5,6605,2564,7924,9715,5485,6156,8047,0506,6016,304
CWIP 18212076206423658594372194133
Investments 2,7902,6491,9802,8795,6072,6372,7203,0694,8206,664
Inventories1,1891,3991,6252,6311,7582,6851,2382,1422,0752,774
Trade Receivables1,2991,2431,2511,0649452,5061,1882,8163,0964,062
Cash Equivalents 127511,5939121,0421,3741,3228231,047501
Others Assets1,6781,8941,4561,3772,0142,7522,5232,1782,5002,154
Total Assets 12,80813,31112,77414,04017,33618,22416,39018,45020,33422,592

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 5561,7771,6832,1555,643-362941212,6472,136
PBT -914428271,3302,3862,497362-4125282,110
Adjustment 3076801,477995715665849961478852
Changes in Working Capital 370705-1791772969-2964-176-6061570-427
Tax Paid -30-50-441-348-427-560-947871-400
Cash Flow From Investing Activity -110102362-1,477-3,4292,311-2,177-975-1,459-1,735
Capex -1109434-366-534-731-1,292-617-393-488
Net Investments -28-74395-1,083-2,9383,003-430-961-1,200-1,154
Others 2882-67-284340-455602135-93
Cash Flow From Financing Activity -449-1,179-1,211-1,372-2,091-1,6161,149206-724-940
Net Proceeds from Shares 066700590005
Net Proceeds from Borrowing 350-849-728-958-1,280-6629781,038638-376
Interest Paid -436-406-268-164-168-103-146-272-276-260
Dividend Paid -1870-154-325-549-860-1,2700-176-294
Others -176-591-6075-9901,587-560-910-16
Net Cash Flow -2699834-694123333-87-748464-539
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)0.919.088.221.2625.8825.593.08-4.437.6117.6
ROCE (%)4.6710.8514.0718.4630.2629.454.83-0.997.6921.38
Asset Turnover Ratio0.841.141.571.631.721.661.030.91.131.71
PAT to CFO Conversion(x)19.175.34.321.763.28-0.183.92N/A4.881.55
Working Capital Days
Receivable Days45312219142138474936
Inventory Days52322736302840403524
Payable Days113927574798711913112486

Ashok Leyland Ltd Stock News

Ashok Leyland Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Ashok Leyland on 28-Mar-2024 16:01 is ₹171.2.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 28-Mar-2024 16:01 the market cap of Ashok Leyland stood at ₹50,255.2.
The latest P/E ratio of Ashok Leyland as of 28-Mar-2024 16:01 is 20.36.
The latest P/B ratio of Ashok Leyland as of 28-Mar-2024 16:01 is 5.36.
The 52-week high of Ashok Leyland is ₹191.4 and the 52-week low is ₹133.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Ashok Leyland is ₹38,554 ( Cr.) .

About Ashok Leyland Ltd

Ashok Leyland, flagship of the Hinduja group, is the second largest manufacturer of commercial vehicles in India, the third largest manufacturer of buses in the world, and the tenth largest manufacturers of trucks. It had launched India’s first electric bus and Euro 6 compliant truck in 2016. With the largest fleet of logistics vehicles deployed in the Indian Army and significant partnerships with armed forces across the globe, the company helps keep borders secure. It has ISO/TS 16949 Corporate Certification and is also the first CV manufacturer in India to receive the OBD-II (on board diagnostic) certification for BS IV-compliant commercial vehicle engines, SCR (selective catalytic reduction), iEGR (intelligent exhaust gas recirculation) and CNG technologies.

It is the first truck and bus manufacturer outside of Japan to win the Deming prize for its Pantnagar plant in 2016 and the Hosur Unit II being awarded the Deming Prize in 2017. Driven by innovative products suitable for a wide range of applications and an excellent understanding of the customers and local market conditions, the company has been at the fore-front of the commercial vehicle industry for decades. The company’s wide-spread customer base is served through an all-India sales and service network. With technology-enabled customer engagement processes and knowledge on the specific applications of the product range, its sales team is well equipped to fulfil customer’s needs.

Business area of the company

The company is engaged in the manufacturing of commercial vehicles and related components. The company has a product range from 1T GVW (Gross Vehicle Weight) to 55T GTW (Gross Trailer Weight) in trucks, 9 to 80 seater buses, vehicles for defence and special applications, and diesel engines for industrial, genset and marine applications.

Product:

  • Trucks
  • Buses
  • Light Vehicles 
  • Power Solutions
  • Defence

History and Milestones:

  • 1948: The Birth of Ashok Motors.
  • 1949: Production began in September at the factory situated at Ennore, north of Madras, and soon the first indigenously assembled A40 Austin car was rolled out. 
  • 1950: Ashok Motors and Leyland, UK agree to collaborate.
  • 1951: Assembly of Leyland chassis commences.
  • 1954: Government approval for manufacture of commercial vehicles.
  • 1955: Ashok Motors becomes Ashok Leyland.
  • 1967: India’s first double-decker arrives.
  • 1969: For the first time, power steering was featured on commercial vehicles.
  • 1970: A specially designed vehicle for the Indian Army.
  • 1972: Production target upped to 10,000 vehicles a year.
  • 1974: Turnover tops Rs 1,000 million.
  • 1976: The ‘Viking’, the first ever bus with an alternator and a unique front overhang that facilitated front entry hit the Indian roads.
  • 1978: India’s first rear-engine bus - ‘Cheetah’ was introduced.
  • 1980: Hosur plant starts operations.
  • 1980: India’s first 13-ton truck - ‘Tusker’ with a 125 hp engine was launched followed by the country’s first multi-axle truck - ‘Taurus’.
  • 1982: India’s first Vestibule bus introduced.
  • 1982: Two new manufacturing facilities at Bhandara (Maharashtra) and Alwar (Rajasthan) were inaugurated.
  • 1990: The company’s Technical Centre at Vellivoyalchavadi, on the outskirts of Madras was ready equipped with much-needed testing tracks.
  • 1993: First Indian auto company to receive ISO 9002 certification.
  • 1995: First driver training facility set up at Namakkal. 
  • 1996: Hosur Plant II inaugurated.
  • 1997: The Stallion, an all-terrain logistic vehicle, was inducted into the Indian Army.
  • 1997: India’s first CNG bus launched.
  • 2002: The country’s first Hybrid Electric Vehicle was developed and showcased at Auto Expo 2002.
  • 2005: First Indian auto company to receive BS 7799 certification.
  • 2006: The truck business of Czech Republic-based AVIA came into the Company’s fold.
  • 2006: Agreement inked with Ras Al Khaimah Investment Authority for the setting up of a bus assembly plant in the UAE.
  • 2007: The JV was with Siemens VDO, for the development of automotive Infotronics.
  • 2007: Joint Venture with the Alteams Group, Finland for the production of HPDC (High Pressure Die Casting) extruded aluminum components.
  • 2008: Joint Venture inked with John Deere, USA for the manufacture of construction equipment products.
  • 2008: Albonair, GmbH established for the development of clean and green technologies.
  • 2010: India’s first Hybrid CNG Plug-in Bus showcased at Auto Expo 2010.
  • 2010: Pantnagar plant inaugurated.
  • 2010: The U-Truck platform launch.
  • 2010: Bought 26% stake in Optare plc, a well-known bus maker in the UK. Subsequently, the stake was increased to 75.1% in January, 2012.
  • 2011: A full range player with DOST; Entry into the LCV segment.
  • 2011: Enters the construction equipment space.
  • 2012: Jan Bus, world’s first single step entry, front engine, fully flat floor bus unveiled.
  • 2012: Introduced India’s first 37-tonne haulage truck with the highest payload of up to 27 tonnes.
  • 2013: Launched the future-ready electronic fuel efficient Engine with CRS with is protected upto BS-VI.
  • 2013: Launched the next generation intermediate commercial vehicle ‘BOSS’.
  • 2014: CAPTAIN truck series launched.
  • 2014: Launched MiTR - a new age LCV bus.
  • 2014: Launched the next generation LCV Truck–Partner powered by advanced ZD30 Common Rail diesel engine.
  • 2015: Launch of the Zero Emission Electric Bus.
  • 2016: Sunshine Bus launched.
  • 2016: Guru and Partner launched.
  • 2016: Circuit Electric Bus launched.
  • 2017: Circuit Electric Bus launched.
  • 2017: Dost+ launched.
  • 2017: Captain Haulage launched.
  • 2017: 3718+ truck launched.
  • 2018: Ashok Leyland and Israel’s ELBIT Systems sign MOU for High Mobility Vehicles.
  • 2018: Expands Network through a New Service Facility of IFAD AUTOS.
  • 2018: Introduced the Circuit S Electric Bus with battery swapping technology.
  • 2018: Launched eN-Dhan fuel card in association with HPCL.
  • 2018: Introduces Innoline, world’s first BS4 Engine driven by an Inline Fuel Pump. Designed in India, made for the World.
  • 2018: Launched AL Select a customer loyalty program to strengthen company’s bond with key customers.
  • 2019: Launched Guru 1010, Boss 1616 and Boss 1916 to strengthen ICV and MDV range.
  • 2019: Became the first OEM to receive BS VI certification for the full range of heavy duty trucks.
  • 2019: Showcased BS VI Mid-NOx Technology.
  • 2019: Bags order for 1750 Buses from Tamil Nadu State Transport Undertakings.
  • 2019: Bags the order for 400 Minibuses from Senegal.
  • 2019: Ashok Leyland partners with Axis Bank.
  • 2019: Ashok Leyland partners with ICICI Bank. 
  • 2020: Launched the first of its kind Modular Trucks, AVTR with i-Gen6 BS-VI technology.
  • 2020: Expands LCV portfolio with the launch of 'BADA DOST'.
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