Results: For Q1FY17, Ashok Leyland's (AL) reported a 11% rise in revenue on the back of 11% volume growth. Margins improved 106bps to 11.2%, primarily on the back of raw material benefits. Adj. PAT rose 51% on the back of a 63% rise in other income and a 56% drop in interest. Overall, revenue was in line with street expectations, while margin expansion was a slight positive. Revenue growth of 11%, while sharply lower than FY15/16 run-rate of 36/39%, was expected as Q4FY16 saw pre-buying on account of avoiding new sales taxes. Margin expansion was limited by the product mix, with a sharp a fall in exports limiting average selling price increases. For the quarter, overall exports fell 34% YoY, as volatile African markets and forex/LC...