ICICI Securities Ltd | Retail Equity Research Ashok Leyland's Q2FY17 results were above our estimates on all parameters. Revenues came in at | 4622 crore (down 7% YoY, up 9% QoQ) above our estimate of | 4375 crore. Total volumes declined 10% YoY to 33440 units, with MHCV volumes declining 15% YoY to 25340 units while LCV volumes grew 9% YoY to 8100 units. The beat on revenues was on account of higher than estimated ASPs Reported EBITDA was at | 537 crore (down 14% YoY, up 13% QoQ)...