ASHOK LEYLAND LIMITED

AUTOMOBILES/VEHICLES Chairman: R. J. Shahaney

Yr of Inc B. Code BL. Code AL:IN : : : : : : 0.0% 38.6% 18.1% 25.3% 18.0% 295 F.V. 1 Price 32.7 Exports (fob) Imports (cif) Fx inflow Fx outflow Net fx 12 31/03/06 43 21 43.0 2.7 3.7 1.20 3.8 11.5 1,221.59 BC 0.7 11.9 8.6 2.8 44.8 39,091 12 4,039 4,430.2 341.0 276.3 % ch 1-m 2.7 FX Transaction Rs m Rs m Rs m Rs m Rs m 12 31/03/07 54 30 54.1 3.3 4.5 1.50 3.6 14.1 1,323.87 BC 0.8 12.6 9.4 3.0 45.0 55,603 12 5,588 5,911.9 460.9 364.0 1948 500477 SHAREHOLDING Indian Promoters Foreign collaborators Indian inst/Mut Fund FIIs/GDR Free float Shareholders

HINDUJA
% ch 12-m -15.5 (FY08) 7,560 3,130 8,128 5,809 2,319

Regd off: 19, Rajaji Salai, Chennai - 600 001 secretarial@ashokleyland.com E-Mail: Web site: www.ashokleyland.com Telephone: (044) 2433 1120 Fax: (044) 2433 5633 Tr agent: Integrated Enter., II Flr., Kences Tower, North Usman Rd., Chennai - 17

SEC: A. R. Chandrasekharan
P/E 9.3 P/CF 6.7 Yield 4.6

AUD: M. S. Krishnaswami & Rajan

Mkt cap 43,502.1 Vol. 744.3 ISIN INE208A01029

ADJUSTED DAILY SHARE PRICE DATA

(Rs)

60

50
12 31/03/08 58 26 58.1 3.5 4.9 1.50 3.6 16.0 1,330.34 BC 0.7 11.9 8.6 2.6 42.5 55,675 NA 6,162 NA NA NA

No. of months Year ending EQUITY SHARE DATA High Low Sales per share Earnings per share Cash flow per share Dividends per share Dividend yield (eoy) Book value per share Shares outstanding (eoy) Bonus/Rights/Conversions Price / Sales ratio Avg P/E ratio P/CF ratio (eoy) Price / Book Value ratio Dividend payout Avg Mkt Cap No. of employees Total wages/salary Avg. sales/employee Avg. wages/employee Avg. net profit/employee INCOME DATA Net Sales Other income Total revenues Gross profit Depreciation Interest Profit before tax Minority Interest Prior Period Items Extraordinary Inc (Exp) Tax Profit after tax Gross profit margin Effective tax rate Net profit margin BALANCE SHEET DATA Current assets Current liabilities Net working cap to sales Current ratio Inventory Turnover Debtors Turnover Net fixed assets Share capital "Free" reserves Net worth Long term debt Total assets Interest coverage Debt to equity ratio Sales to assets ratio Return on assets Return on equity Return on capital Exports to sales Imports to sales Rs m Rs m % x Days Days Rs m Rs m Rs m Rs m Rs m Rs m x x x % % % % % Rs Rs Rs Rs Rs Rs Rs Rs Rs Rs Rs Rs % % % m m m m m m m m m m m m Rs Rs Rs Rs Rs Rs % Rs m x x x x % Rs m `000 Rs m Rs Th Rs Th Rs Th

40

30 DAILY 100 DMA 20 Sep-05 Jun-06 Mar-07 Nov-07

12 31/03/06 m m m m 3,220 -1,336 -2,576 -692 12 31/03/07 5,000 -7,222 -2,908 -5,131

Sep-08
12 31/03/08 10,657 -8,097 3,645 6,205

CASH FLOW From Operations From Investments From Financial Activity Net Cashflow

No. of months Year ending Rs Rs Rs Rs

52,476 572 53,048 5,305 1,260 311 4,306 0 0 217 1,250 3,273 10.1 29.0 6.2

71,682 973 72,655 6,935 1,506 226 6,176 0 0 -131 1,632 4,413 9.7 26.4 6.2

77,291 1,079 78,370 7,892 1,774 688 6,509 0 0 -127 1,688 4,694 10.2 25.9 6.1

Net sales Gross profit Gross profit margin Net profit Net profit margin

Rs Rs % Rs %

INTERIM RESULTS 2QFY08 3QFY08 m 17,459 18,001 m 1,685 1,654 9.7 9.2 m 830 1,215 4.8 6.7 KEY DATA Unit THNOS THNOS % Rs

4QFY08 25,620 2,957 11.5 1,827 7.1

1QFY09 18,839 1,171 6.2 527 2.8

Parameters Capacity Units sold Capex/sales EBIT/Vehicle sold

FY06 77 62 4.5 60,161

FY07 84 83 5.7 60,475

FY08 84 83 7.9 75,216

NOTES Ashok Leyland is the second largest manufacturer of medium and heavy commercial vehicles (M&HCV) in India. It had a 28% market share in the domestic M&HCV segment in FY08 and a marginal presence in the LCV segment (light commercial vehicles). The company is also a key player in the passenger bus segment with almost 46% share in FY078. CVs contributed to 90% of revenues in FY08 while engines and spare parts contributed to the balance. Land Rover Leyland Investment Holdings (LRLIH) owns 52% of Ashok Leyland. In FY08, it entered into an agreement with Nissan manufacturing company for the manufacture of LCVs, thus taking a big step towards consolidating its presence in the segment. Slowdown in the M&HCV segment especially in the goods space impacted Ashok Leyland's performance adversely during FY08. Thanks to a series of price hikes, topline managed to grow by 8% YoY on the back of flat volumes. With expenses growing at a slightly lower rate, operating margins expanded by 60 basis points. Growth in bottomline however came in at a lower rate of 6% YoY, led by more than nine-fold jump in interest expenses and higher depreciation charges. On the volumes front, it was the domestic M&HCV passenger segment that helped save face, growing by an impressive 51% YoY. To capitalise on the growing demand for CVs in the country, Ashok Leyland is setting up a new CV plant in the northern state of Uttaranchal. Besides, it also plans to foray into the LCV segment, an area where it has traditionally been weak. To this effect, it has tied up with Nissan to create three JV companies that will consume a total investment in the region of US$ 500 m.

22,324 14,085 15.7 1.6 63 30 10,847 1,222 12,307 14,051 2,310 36,853 14.8 0.2 1.4 21.9 23.3 29.5 8.6 2.8

26,977 17,559 13.1 1.5 54 27 15,445 1,324 17,171 18,702 2,983 44,633 28.3 0.2 1.6 21.4 23.6 28.9 8.8 5.4

28,753 22,719 7.8 1.3 58 18 20,548 1,330 19,764 21,267 6,897 55,400 10.5 0.3 1.4 19.1 22.1 25.1 9.8 4.0