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You are here: Home / Analysis & Valuations / Annual Report Review: Ashok Leyland

Annual Report Review: Ashok Leyland

In continuation of this series on annual report review, here is my review of the FY15 report of India’s leading commercial vehicle company, Ashok Leyland.

Click here to download the PDF review (9 MB file), or read it in the panel below.

If you wish to submit such reviews of annual reports, I would be happy to share the same with other tribe members. Just prepare them in the same format I am doing (make your notes on the report itself, scan them, convert to PDF file, and email to me).

It will be a good practice for you on how to read and analyze annual reports, plus the tribe will benefit. 🙂

Let me know your thoughts and questions on this review in the Comments section of this post…and also share any suggestion(s) you may have to make future reviews better and easier for your understanding.

Statutory Warning: This is NOT an investment advice to buy or sell shares. Please make your own decision, as blindly acting on anyone else’s research and opinions can be injurious to your wealth. I do not own the stock, but despite this, my analysis may be biased, and wrong. I have been wrong many times in the past. I am a registered Research Analyst as per SEBI (Research Analyst) Regulations, 2014 (Registration No. INH000000578).

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Reader Interactions

Comments

  1. NGR says

    August 14, 2015 at 12:47 pm

    Hello Vishal and team,

    I have been following your posts for few days now.
    Can you please tell what should one do to understand value investing? and start stock trading with understanding of the company

    I am from Bangalore and would like to meet/hear from you once.

    Cheers,

    Reply
  2. AMIT KHANDELWAL says

    August 14, 2015 at 3:23 pm

    WHAT IS THE DIFFERENCE BETWEEN STANDALONE AND CONSOLIDATED BALANCE SHEET OR ANY OTHER STATEMENT

    Reply
    • Ramesh says

      August 14, 2015 at 11:46 pm

      Hi Amit,

      A Consolidated Financial Statement covers the activities of the Parent Company and its subsidiaries in a single report, as if they were all a single company operating under one roof.

      Standalone Financial Statements, by contrast, treat each entity as if it were entirely separate — the parent unrelated to the subsidiaries, and the subsidiaries unrelated to one another.

      Regards
      Ramesh

      Reply
      • Vishal Khandelwal says

        August 17, 2015 at 11:14 am

        Thanks Ramesh! 🙂

        Reply
    • Kaushik says

      August 15, 2015 at 11:37 pm

      As per my understanding consolidated financial statement includes financial figures of subsidiaries including the parent company (standalone). For example, if the parent company has a subsidiary with 30 % stake in a company then the consolidated statement will include the parent company plus 30% value of the subsidiary company .

      Vishal, please correct me in case my interpretation is incorrect .

      Reply
      • Vishal Khandelwal says

        August 17, 2015 at 11:10 am

        Yes Kaushik, but a company becomes a subsidiary only after the parent owns more than 50% in the same. So, at 30%, it will be an ‘associate’ and not a ‘subsidiary’.

        Reply
  3. Jay says

    August 15, 2015 at 2:32 am

    Is it ok to send USA companies? or do those have to be Indian company?

    Reply
    • Vishal Khandelwal says

      August 15, 2015 at 9:43 pm

      Indian company will be better. 🙂

      Reply
  4. Manoj Dua says

    August 15, 2015 at 12:10 pm

    good work

    Kindly correlate things from Mkt.cap and Ev prespectives also..many times we know which are good companies but Investment are also about when to Enter and when to exit…

    Reply
    • Vishal Khandelwal says

      August 17, 2015 at 11:14 am

      Thanks for the suggestion, Manoj!

      Reply
  5. Atul says

    August 15, 2015 at 8:25 pm

    Dear Vishal,

    Excellent learning for me ! Thanks.
    Could not get excel sheet (I could not figure out if its my browser problem )
    Can anyone pl send link / file ?

    Regards,

    Atul

    Reply
    • Vishal Khandelwal says

      August 17, 2015 at 11:10 am

      Thanks Atul!

      Please send me a email and I will send across the excel sheet.

      Reply
  6. Supratik says

    August 18, 2015 at 9:38 am

    Hi Vishal,

    Thanks a lot again for your guidance in reading Annual Reports.

    Could you please help me how to read the following sections
    a) Pg 4 – Financial Results:: Transfers
    Please help me in elaborating section a), b) and c)
    b) How to analyze Goodwill of a company

    Thanks again for your esteemed support.

    Regards
    Supratik

    Reply
  7. Jay says

    August 18, 2015 at 4:19 pm

    Vishal Sir,

    Looking Forward for a AR review of a Bank. Remember reading somewhere its not in your circle of competence but still…

    Reply
    • Vishal Khandelwal says

      August 18, 2015 at 8:50 pm

      Difficult. 🙂 Let me see.

      Reply
  8. Pramod Kumar says

    August 18, 2015 at 5:49 pm

    Hi Vishal,

    Well done and good work again on Ashosk Layland report.

    Reply
    • Vishal Khandelwal says

      August 18, 2015 at 8:49 pm

      Thanks Pramod!

      Reply
  9. vikas kukreja says

    August 19, 2015 at 12:02 pm

    Great Work Vishal. Its tremendously helpful and great learning for me.

    Would love to see your AR analysis of NBFC like (GRUH or Repco).
    I read GRUH AR this year and found it really good. Would love to see your analysis on same and learn from it.

    Thanks
    Vikas Kukreja

    Reply
    • Vishal Khandelwal says

      August 19, 2015 at 9:18 pm

      Thanks Vikas! Will consider your suggestion 🙂

      Reply
    • Vishal Khandelwal says

      August 21, 2015 at 10:05 am

      Hey Vikas, please check out my latest annual report review. It’s on Gruh 🙂

      Reply
      • vikas kukreja says

        August 21, 2015 at 11:01 am

        Thanks a lot vishal. This was real quick 🙂

        Reply
        • Vishal Khandelwal says

          August 21, 2015 at 12:36 pm

          Well, I had planned to write on Gruh even before you asked for, so just a coincidence. 🙂

          Reply
  10. Karthik says

    August 20, 2015 at 3:57 pm

    Very helpful for newbies like me on how to analyze Annyal reports. Good work, Vishal.

    Reply
    • Vishal Khandelwal says

      August 21, 2015 at 10:04 am

      Thanks Karthik!

      Reply
  11. Kalyan says

    August 21, 2015 at 8:50 am

    Hi Vishal, I am a newbie and appreciate your AR reviews helping people like me 🙂 
    I was going through the report and would like to know how you calculated Inventory days and receivable days in Balance sheet.

    Reply
    • Vishal Khandelwal says

      August 21, 2015 at 10:03 am

      Thanks Kalyan! See this link for understanding Inventory Days and Receivable Days.

      Reply
      • Kalyan says

        August 21, 2015 at 3:18 pm

        Thanks Vishal 🙂

        Reply
  12. sUPRATIK says

    August 27, 2015 at 4:24 pm

    Dear Vishal,

    In case you might have had some time for my query (posted on 18-Aug). I am a novice in this field but am very happy in the way you are guiding us.

    Thanks
    Supratik

    Reply
  13. Vishal Nahar says

    August 31, 2015 at 2:00 pm

    Discloser : No Holding means do not buy? Right?

    Reply
    • Vishal Khandelwal says

      August 31, 2015 at 3:40 pm

      No. It means that I do not hold any of the analyzed company’s stock 🙂

      Reply

Trackbacks

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