Results: For Q2FY17, Ashok Leyland's (AL) reported a 7% fall in revenue to Rs46.2 bn (est.45.6 bn) on the back of a 10% decline in volumes (M&HCVs; down 15%). Despite a weaker mix (lower heavy trucks, higher LCV's), realizations grew 4% (est.3%) on account of increase in share of higher realization exports (10% vs 7.9% in Q2FY16), defense revenues and spares. EBITDA fell 14% to Rs6.2 bn with margins contracting 96bps to 11.6% (est. 11.4%). AL saw gross margin expansion of 189 bps, while other expenses rose 244bps. However, this was partly due to IND-AS. IND-AS also resulted in revised Q2FY16 numbers, with margins revised upwards by 53bps, which makes the margin performance for Q2FY17 actually worse than it appears. Adjusted PAT declined 11%, with...