Maintain Buy with TP Rs 150 (18x Sept-20E EPS) Ashok Leyland (AL) delivered strong numbers in 2Q amid several headwinds. Revenue grew 26% YoY to Rs 76bn supported by volume growth (52k units, +26%). EBIDTA rose 32% to Rs 8bn with margin at 10.6%(+48bps YoY). Fall in GM (305 bps QoQ) owing to higher discounts was offset by oplev and cost reduction effort. APAT grew 37% YoY to Rs.4.5bn.