Ashok Leyland's Q2FY18 results were below our estimates. Revenues came in at | 6047 crore, up 30.8% YoY, 42.7% QoQ below our estimate of | 6112 crore. Total volumes increased 23% YoY, 44% QoQ to 40967 units. The revenue miss was on account of lower than estimated ASPs (fell 1% QoQ against our expectation of 5% rise) EBITDA margins came in at 10.1% (down 149 bps YoY, up 290 QoQ) against our estimate of 10.5%. The miss on margins is attributable to 1) heavy discounting (no price hike in Q2FY18), 2) Q2FY17 had a...