Domestic commercial vehicle major Ashok Leyland is looking to expand its light commercial vehicle (LCV) business, international operations and defence mobility segment.
The company is betting on the proven success of its Optare electric buses in the United Kingdom and is looking to introduce this in other developed and emerging markets. According to a PTI report, Dheeraj G Hinduja, chairman, Ashok Leyland, while addressing the CV maker’s annual general meeting recently, said, “Ashok Leyland will leverage the proven success of the Optare range in the UK to position integrated offerings that straddle developed and emerging markets."
Hinduja said there would be greater focus on cost control, revenue generation and return on capital employed (ROCE) going forward. "In the years to follow, to sustain the growth momentum and take a great leap forward, the company is gearing to set globally benchmarked standards in reliability and aftermarket support. Furthermore, ambitious plans will be rolled out soon to grow the LCV business, international operations and defence mobility even further," said Hinduja.
The company has a footprint in more than 50 countries and is one of the leading suppliers of logistics vehicles to the Indian Army.
Hinduja, who is bullish on the company's growth prospects, said: "Having performed well in the recent years in the highs and lows of this business, I believe Ashok Leyland is at a striking distance from being among the global majors in the commercial vehicle field with attributes of operational efficiency, cost control, quality and reliability and product innovation."
Ashok Leyland reported sales of 174,873 units in 2017-18, its highest ever despatches in a financial year. "It is remarkable that the largest volume growth in the domestic truck sales is from the northern region outpacing our traditional southern stronghold where we continue to be market leaders," Hinduja added. The company reported revenue of Rs 26,248 crore and a record profit of Rs 1,563 crore during the last fiscal.