Ashok Leyland (AL) reported muted results as net sales stood at Rs 88.4bn (+1% YoY / +40% QoQ) led by 1% YoY volume growth while the realizations were at Rs 1.49mn (-1% YoY; +3% QoQ). Gross margins at 27.3% (-152bps YoY/ -250bps QoQ) were impacted by negative operating leverage and lower tonnage mix. EBITDA stood at Rs 9.8bn (-12% YoY; +52% QoQ). The EBITDA margin stood at 11.1% (-170bps YoY/+90bps QoQ) and was impacted by increase in material costs (+26% YoY) due to higher steel prices and high staff costs (+25% YoY). On the concall, management highlighted the that demand to remain subdued in H1FY20 and can see a pickup in...