The third quarter earnings season is underway and about 501 companies will announce their results on Wednesday. Key results to watch out for include HAL, Siemens, PFC, RVNL, Ashok Leyland.Apart from the above, companies like Orchid Pharma, NCL Industries, NCL Research, Natco Pharma, Muthoot Finance, Landmark Cars, KSE, Hi-Tech Pipes, Godavari Power, ACS Technologies and a few others will also declare their quarter results.Ashok Leyland Q3 expectationsAshok Leyland is likely to report a 2% year-on-year (YoY) drop in its revenues to Rs 9097 crore mainly due to volume decline and flat average selling price (ASP) growth. The company has reported a 1% YoY drop in volumes in the third quarter, affected by subdued demand across most of the underlying industries.Profit for the period, meanwhile, is expected to improve 17% YoY to Rs 682 crore.Analysts expect EBITDA margin to remain flat YoY due to higher non-auto mix and commodity tailwinds (lower steel prices), offset by negative operating leverage and unfavorable pricing."On a sequential basis, we expect ASPs to increase by 2%, driven by a higher mix of trucks and lower mix of LCVs, favorable pricing and higher mix of the non-auto segment," said Kotak Equities."We expect EBITDA margin to largely remain stable QoQ. We cut FY25/26E EPS by 4%/7% to factor in weaker demand," said Motilal Oswal.Siemens Q3 expectationsSiemens is expected to report 14% YoY improvement in the topline at Rs 5481 crore, while profit after tax is likely to grow 18% to Rs 597 crore."We envisage healthy growth in the Gas & Power segment and a stronger boost from the Mobility segment. We expect tepid growth in the Digital Industries segment, while Smart Infra sees moderate growth," said Kotak Equities.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)