Ashok Leyland's Q1FY18 results were below our estimates on the operational front. Revenue came in at | 4238 crore, flat YoY, down 36% QoQ, above our estimate of | 3847 crore. The revenue beat could be on account of higher than estimated ASPs, which grew 7% against our estimate of 1%. We had expected the rise in ASP on account of migration to BSIV to be offset by poor product mix. Higher spare part & defence revenues aided net ASP growth EBITDA margins came in at 7.2% (down 396 bps YoY, 381 bps QoQ)...