Ashok Leyland (AL) reported 3QFY17 results, which were above our and consensus expectations in all the parameters. Net Revenue were above our and consensus estimates due to better product mix, higher realization in export market and recent prices hikes (Nov17/Jan18). Volumes increased during the quarter due to Prebuying (implementation of blowers), increasing restrictions on overloading, fresh tenders in the car carrier and petroleum sectors as well as coal and cement movement triggered by key infrastructure projects. Demand was supported by from FMCG companies and mining activities from eastern states. Net Revenue grew by +58% yoy to Rs71.1bn, above our and consensus estimates...