Ashok Leyland (ALL) reported strong set of numbers, which were in line with our estimates. The revenue growth of 25.2% YoY was on account of volume growth of 26.8% YoY and marginal decline in realization. However, margins came in marginally below our estimates on account of weak product mix and increase in discounts during the quarter. Further, adjusted net profit grew by 41.1% YoY led by improved operational performance, lower interest expense and tax rate in Q2FY19.