Ashok Leyland (ALL) reported strong Q3FY18 numbers. Sales grew 60.5% YoY to Rs71.1bn, led by volume growth of 42% YoY and average selling price increase of 11%YoY. EBITDA margins expanded by ~ 100bpsYoY to 13.1% mainly driven by price hikes, operating leverage benefits and turnaround of LCV business, offsetting impact ofhigher raw material prices and elevated discounting.