ICICI Securities Ltd | Retail Equity Research Ashok Leyland's Q3FY17 results were below our estimates on all parameters. Revenue were at | 4431 crore (up 7.7% YoY, down 4.1% QoQ) below our estimate of | 4864 crore. Total volumes were up 6% YoY to 32840 units, with M&HCV; volumes up 9% YoY to 25286 units, while LCV volumes declined 2.6% YoY to 7554 units. The miss on revenues was due to lower than estimated net ASPs (discount levels increased from | 2,25,000-2,50,000 range to | 3,00,000)...