Ashok Leyland is the 2nd largest manufacturer of commercial vehicles in India, the 4th largest manufacturer of buses in the world and the 16th largest manufacturer of trucks globally.It has a turnover in excess of US $ 2.9 billion (2015-16) and a footprint that extends across 50 countries, we are one of the most fully-integrated manufacturing companies this side of the globe.Headquartered in Chennai, India, our manufacturing footprint spreads across the globe with 8 plants; including one at Ras Al Khaimah (UAE). Our Joint Venture partners include John Deere (USA) for Construction Equipment, Continental AG (Germany) for Automotive Infotronics and the Alteams Group for the manufacture of high-press die-casting extruded aluminum components for the automotive and telecommunications sectors.The above facts about the company says a lot about its position in the segment it operates. They have maintained this positions from a very long span of time and have continuous approach towards improving there market presence with margins.For Ashok Leyland FY 2013u201314 was the worst year based on the financial statements. Let me highlight some of the key take away from that financial statementsSales down by 17%Profit down by 93%Increased Borrowings by 8%After FY 2013u201314, Ashok Leyland have worked towards improving company's performance across all the key parameters and has emerged as true leader in the business. Despite of bad market conditions, Ashok Leyland managed to bring this turnaround in its balance sheet.FY 2013u201314 has been instrumental for investments in Ashok Leyland, on 16 May 2023. Ashok Leyland was trading at 26.90 when it crossed 200 weeks moving average levels of 25 and its 100 weeks moving average was 21.It has been observed historically that once the stock crosses this specific technical analysis parameter, the stock tend to deliver more than 100% returns and subsequently delivering more than 900% returns in 5 to 10 years time frame.As technical analysis gave a Long Term u201cBUYu201d signal on 16th May 2023. now it was time for Ashok Leylandu2019s management to show what they have build in the company.In FY 2014u201315, Ashok Leyland showcased very good rise in sales, profits and reduction in borrowings. Key highlights are given below:Sales up by 32%Profit up by 1040%Decreased Borrowings by 29%Due to all this development, the same reflected in the share price of Ashok Leyland. Ashok Leyland was trading at 71.85 on 31st March 2015.FY 2015u201316, was again wonderful year for Ashok Leyland where sales rose by 39%, profits rose by 116% and borrowings reduced by 21%. Ashok Leyland was trading at 108 on 31st March 2016.This all technical and fundamental study helped investor stay invested in the company and generate 300% return in 2 years which means 100% compounded annual return.Now coming to FY 2016u201317, Ashok Leyland has maintained status quo. Below is some key takeaways.In FY 2016u201317, Ashok Leyland has done a wonderful job in Margins front however has not grown its top line.Estimated Profits for FY 2016u201317 is around 1207 Crores and taking a conservative Price to Earning Ratio of 24, we can see the share price of Ashok Leyland to be around INR 102 on 31st March 2017.Below is Technical Analysis Chart for Ashok Leyland for getting short term view.Time Frame: 1 YearsChart Type: Candle Stick and DailyMoving Average Plotted: 20, 50 and 200Relative Strength Index: Period 14Conclusion:Ashok Leyland has managed to have profit growth despite of competetive enviroment and it has also been in uptrend for past 3 months. We can expect Ashok Leyland to trade between 102-113 in coming 6 months. One can hold his or her investments in Ashok Leyland.Inspired,Tharendra Lunia, Co-Founder of Research Wings