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Source: Annual Reports - Standalone Financial Statements
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Name of the CompanyAshok Leyland Ltd
Blue - Input Values
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CMP (Rs) 143
Black - Calculated Values
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No. of outstanding shares (Crore) 294
Green - Comments
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Market Cap. (Rs Crore) 41,978
Yellow Fill - Assumptions
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ParticularsHistoricalHistoricalHistoricalHistoricalHistoricalHistoricalEstimatedHistorical CommentsForecast Comments
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Rs. in CroresMar/20Mar/21Mar/22Mar/23Mar/24Mar/25Mar/26
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Profit & Loss Statement
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Revenue from Operation 17,467 15,301 21,688 36,144 39,094 42,284 45,734 From WorkingFrom Working
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Net Revenues 17,467 15,301 21,688 36,144 39,094 42,284 45,734 Sum of Above itemsSum of Above items
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YoY Growth %-12%42%67%8%8%8%Curr. Value / Prev. Value - 1Curr. Value / Prev. Value - 1
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Material Consumed 10,384 11,119 15,913 27,247 From Annual Report
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Change in Stock 1,191 (462) (49) (558)Note no. 2.3
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Purchase of Stock-in-Trade 793 747 897 1,161 From Annual Report
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Power & Fuel 173 162 180 254 Note no. 2.7
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Employee Benefit Expenses 1,615 1,584 1,695 2,114 Note no. 2.4
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Other Manufacturing Expenses 259 212 271 340
Note no. 2.7 (include Consumption of stores + Repair & Maint. of P&M + Repair & Maint. Of Building)
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COGS 14,416 13,361 18,906 30,557 33,051 35,747 38,664 Sum of Above itemsFrom Working
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Gross Profit 3,051 1,940 2,783 5,587 6,043 6,536 7,069 Revenue - COGSRevenue - COGS
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GP Margin%17%13%13%15%15%15%15%Gross Profit / RevenueGross Profit / Revenue
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YoY Growth %-36%43%101%8%8%8%Curr. Value / Prev. Value - 1Curr. Value / Prev. Value - 1
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Other Expenses 1,878 1,405 1,788 2,656 3,127 3,383 3,659
Note no. 2.7 (Add everything from Note no. 2.7 except those included above)
From Working
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EBITDA 1,174 535 995 2,931 2,915 3,153 3,411 Gross Profit - Other Exp.Gross Profit - Other Exp.
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EBITDA Margin%7%3%5%8%7%7%7%EBITDA / RevenueEBITDA / Revenue
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YoY Growth %-54%86%195%-1%8%8%Curr. Value / Prev. Value - 1Curr. Value / Prev. Value - 1
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Depreciation 670 748 753 732 709 636 661 Note no. 2.6Note no. 2.6
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EBIT 504 (213) 242 2,199 2,206 2,517 2,749 EBITDA - DepreciationEBITDA - Depreciation
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EBIT Margin%3%-1%1%6%6%6%6%EBIT / RevenueEBIT / Revenue
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YoY Growth %-142%-214%809%0%14%9%Curr. Value / Prev. Value - 1Curr. Value / Prev. Value - 1
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Finance Cost 109 307 301 289 256 266 286 Note no. 2.5From Working
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Other income 123 120 76 116 116 116 116 Note no. 2.2Keep Constant
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Exceptional Items (Gain)/Loss 156 12 (511) (85) - - - Note no. 2.8Keep 0
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PBT 362 (412) 528 2,110 2,067 2,367 2,580
EBIT - Finance Cost + Other Income - Exc. Items
EBIT - Finance Cost + Other Income - Exc. Items
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Income Tax - Current 72 0 10 780 Note no. 3.1
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Income Tax - Deferred 51 (98) (24) (50)Note no. 3.1
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Total Income Tax 122 (98) (14) 730 715 819 893 Total Income TaxPBT * ETR
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ETR34%24%-3%35%35%35%35%Income Tax / PBTAssume Current Tax Rate
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Reported PAT 240 (314) 542 1,380 1,351 1,548 1,687 PBT - Income TaxPBT - Income Tax
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PAT Margin %1%-2%2%4%3%4%4%PAT / RevenuePAT / Revenue
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EPS (Rs.) 1 (1) 2 5 5 5 6 PAT / No. of Shares PAT / No. of Shares
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Business PAT 343 (305) 17 1,325 1,351 1,548 1,687 PAT + Exp Items*(1-ETR)PAT + Exp Items*(1-ETR)
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Business EPS (Rs.) 1 (1) 0 5 5 5 6 B-PAT / No. of OS SharesB-PAT / No. of OS Shares
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Core Earnings 158 (405) 464 1,304 1,275 1,472 1,611 B-PAT - Other Income*(1-ETR)B-PAT - Other Income*(1-ETR)
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Core EPS (Rs.) 1 (1) 2 4 4 5 5 Core Earnings / No. of OS SharesCore Earnings / No. of OS Shares
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Dividend (incl. DDT) 1,270 - 176 294 68 77 84 From Cash FlowFrom Cash Flow
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Balance Sheet
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Assets
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Net Fixed Assets 6,527 6,744 6,234 5,938 5,652 5,541 5,180 From WorkingFrom Working
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Capital WIP 421 229 111 49 375 150 150 From WorkingFrom Working
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Assets held for Sale - - 64 72 72 72 72 Note no. 1.5AKeep Constant
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Goodwill 450 450 450 450 450 450 450 From Annual ReportKeep Constant
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Investment in Subsidiaries & Associates 2,495 2,830 3,390 3,693 3,693 3,693 3,693 Note no. 1.3Keep Constant
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Non Current Investments 225 238 131 199 199 199 199 Note no. 1.3Keep Constant
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Current Investment - - 1,298 2,771 2,771 2,771 2,771 Note no. 1.9Keep Constant
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Total Investments 2,720 3,069 4,820 6,664 6,664 6,664 6,664 Sum of Above itemsSum of Above items
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Income Tax Assets 125 100 103 134 134 134 134 Note no. 1.6AKeep Constant
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Inventories 1,238 2,142 2,075 2,774 3,213 3,475 3,759 Note no. 1.8Inventory Days * Revenue/ 365
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Trade Receivables 1,189 2,816 3,096 4,063 5,355 5,792 6,265
Note no. 1.10 & 1.4 (Add Current + Non-Current)
Trade Receivables Days * Revenue/ 365
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Loans & Advances (incl. all adjusted values)
 1,028 887 1,064 679 679 679 679 From WorkingFrom Working
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Other Assets 1,370 1,190 1,269 1,268 1,268 1,268 1,268 From WorkingFrom Working
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Total Current Assets 4,825 7,036 7,505 8,784 10,515 11,215 11,971 Sum of All CASum of All CA
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Cash & Cash Equivalents 1,322 823 1,047 501 3,613 5,920 8,412 Note no. 1.11From Cash Flow
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Total Assets 16,390 18,450 20,334 22,592 27,476 30,145 33,032 Sum of All AssetsSum of All Assets
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Liabilities
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Share Capital 294 294 294 294 294 294 294 From WorkingFrom Working
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Reserves & surplus 6,970 6,684 7,043 8,132 9,416 10,886 12,489 Note no. 1.16Prev. Res & Surplus + PAT - Dividend
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Shareholders Equity 7,264 6,977 7,337 8,426 9,710 11,180 12,783 Share Capital + ReserveShare Capital + Reserve
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Short Term Debt 1,711 1,171 656 1,414 1,071 1,158 1,253 From WorkingFrom Working
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Long Term Debt 1,354 2,558 2,851 1,766 2,141 2,291 2,441 From WorkingFrom Working
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Total Debt 3,065 3,729 3,507 3,180 3,212 3,450 3,694 Total DebtTotal Debt
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Lease Liabilities 40 30 47 45 45 45 45
From Annual Report (Add Current + Non-Current)
Keep Constant
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Contract Liabilities 861 693 607 613 613 613 613
Note no. 1.19 & 1.25 (Add Current + Non-Current)
Keep Constant
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Net Deferred Tax Liabilities 265 171 144 504 504 504 504 Note no. 1.21Keep Constant