Ashok Leyland's Q4FY17 results were above our estimates on all parameters. Revenues came in at | 6618 crore, up 11% YoY above our estimate of | 6464 crore. Total volumes increased 8% YoY to 47621 units, with MHCV volumes up 9.7% YoY to 38643 units, while LCV volumes grew 2.6% YoY to 8978 units. The beat on revenues may be on account of higher than estimated ASPs, which grew 3% against our estimated decline of 1% Reported EBITDA was at | 730 crore, down 9.4% YoY, vs. our...