KR Choksey has maintained an 'ACCUMULATE' rating on Ashok Leyland, setting a target price of INR 252, reflecting a 14% upside potential. For Q2FY25, the company reported a YoY decline in vehicle sales and revenue, though gross margins improved due to better operating performance. Adjusted PAT increased by 11.8% YoY, driven by strong operations and higher other income, despite challenges in the MHCV market and increased competition.
