Ashok Leylands (AL) 2QFY16 EBITDA at Rs 5.9bn ( 160% YoY, 53% QoQ) missed our and consensus estimates by 6-8%. AL?s topline growth of 54% YoY and 29% QoQ was below expectations, as net ASP saw a 3% decline QoQ on account of lower exports and defence sales. This also caused 100bps QoQ drop in gross margins. APAT at Rs 2.9bn missed estimates by 9-10% due to higher depreciation and tax rate.