Ashok Leyland Limited - ASHOKLEY'S : 1QFY17 EBITDA at Rs 4.8bn (+23% YoY) beat estimates by 11% led by higherthan-expected gross margins, related to an improved product mix and price hikes during the quarter. Topline growth of 11% YoY (Rs 42.6bn) was in line. Higher APAT at Rs 2.9bn (+106% YoY) was aided by lower interest cost and forex gain.HDFC Securities maintain NEUTRAL rating with a revised SOTP-based TP of Rs 92 (8.5x EV/EBITDA on FY18E + 0.5x investment book).Trendlyne has 18 reports on ASHOKLEY updated in the last year from 6 brokers with an average target of Rs 108.5. Brokers have a rating for ASHOKLEY with 1 downgrade,2 price downgrades,1 upgrade,6 price upgrades in past 6 months and 9 price upgrades in past 1 Year.