Vols rise 28% YoY to 15.4k, in line with est. of 15.9k
MHCVs grew ~32% YoY, while LCVs rose ~15% YoY
* AL’s Sep-17 wholesale dispatches were in line at 15,370 units (+27.5% YoY). We estimate 14.8% volume growth for FY18, implying a residual monthly run-rate of 16.2k units.
* M&HCV volumes, which account for ~75% of total volumes, increased 31.8% YoY (11.7% MoM) to 11,804 units (est. of 12,000 units).
* LCV (Dost & Stile) volumes grew 15.3% YoY (16.3% MoM) to 3,566 units (est. of 3,850 units).
* The stock trades at 23.6x/17.5x FY18E/FY19E EPS and 13x/10x EV/EBITDA. Maintain Buy.
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