Ashok Leyland (ALL) reported 32.6% yoy and 23.3% qoq growth in the topline. Volume growth was at 23% yoy and the realizations were up by 7.8% yoy. The company maintained its market share despite cutting discounts and increasing prices. Margins came in at 11.8%, 80 bps higher yoy, and 70 bps higher qoq. A better product mix and operating leverage led to the margin outperformance. RM prices went up during the same time along with employee costs. Below the operating level, other income grew well both yoy and qoq, while depreciation expenses grew 5% yoy. Due to reduction in tax sops in Pantnagar, the tax rate came in at 28.4%. Net profits surged by 40.2% yoy, while...