SHIFTING GEARS
Business World India|20 May 2023
Hinduja group flagship and the second largest manufacturer of commercial vehicles in India, Ashok Leyland is driving in the fast lane now with the revival in demand for trucks, buses and LCVs
Ashish Sinha
SHIFTING GEARS

THE COMMERCIAL vehicles (CV) segment is up to speed once again. After slowing down considerably as a result of pandemic-induced roadblocks during all of FY21 (2020-21) and a large part of FY22, the CV segment comprising trucks, buses and light commercial vehicles (LCV) picked up smartly clocking sales volume growth of 34 per cent y-o-y in FY23 and the second highest domestic sales ever, after the previous peak of 2018-19.

This revival in demand has augured very well for Ashok Leyland, one of India’s largest medium and heavy commercial vehicle (M&HCV) makers. The company registered cumulative sales (domestic as well as exports) of 1,92,205 units for the fiscal year ended 31 March 2023, which was 50 per cent higher compared to FY22. While trucks saw a 60 per cent growth in sales to 1,05,777 units, sales of buses grew 135 per cent to 18,332 units and light commercial vehicle sales jumped 25 per cent to 68,096 units during the period under consideration.

Explaining the pick-up in the CV industry as well as the substantial increase in Ashok Leyland’s M&HCV market share, Shenu Agarwal, the recently appointed MD & CEO of Ashok Leyland says, “The macroeconomic climate has improved, and end-user industries are in high demand, therefore the CV industry is currently doing well.” He adds: “Volumes in the M&HCV market have risen as a result of development initiatives in important sectors including mining and construction, higher capital expenditure for infrastructure projects, higher expenditure for road transport and highways, multimodal connectivity, and pent-up replacement demand.”

Denne historien er fra 20 May 2023-utgaven av Business World India.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra 20 May 2023-utgaven av Business World India.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA BUSINESS WORLD INDIASe alt
Gauging Trumponomics For India
BW Businessworld

Gauging Trumponomics For India

Despite some shortto mediumterm headwinds in trade and immigration, the broader Indo-US vision of counterbalancing China’s influence is expected to ensure continued cooperation under Trump 2.0

time-read
2 mins  |
November 16, 2024
Reflections on Consciousness and Creation
BW Businessworld

Reflections on Consciousness and Creation

Indian-American DEEPAK CHOPRA on the nature of the universe, the digital fabric of existence, and the power of a conscious mind

time-read
2 mins  |
November 16, 2024
MORE TAKE TO DRIVING IN STYLE
BW Businessworld

MORE TAKE TO DRIVING IN STYLE

High-end luxury vehicles are no longer part of a niche market, but a rapidly expanding segment of automobile sales, driven by changing consumer preferences, rising disposable incomes and better infrastructure

time-read
4 mins  |
November 16, 2024
India's Growing Affinity for Swiss Watches: A Luxury on the Rise
BW Businessworld

India's Growing Affinity for Swiss Watches: A Luxury on the Rise

NDIA'S ROBUST ECONOMIC growth, projected to exceed 6 per cent in 2024 and 2025, is fostering a rising demand for aspirational products. As disposable incomes increase, particularly among the expanding middle class, luxury goods such as Swiss-made watches are gaining popularity.

time-read
2 mins  |
November 16, 2024
An ENRiching Outlook
BW Businessworld

An ENRiching Outlook

KPMG's latest report shows energy CEOs being optimistic about the sector's outlook. ANISH DE, Global Head, ENRC, KPMG speaks to BW Businessworld's Arjun Yadav on what's driving this confidence

time-read
2 mins  |
November 16, 2024
Paving the Path to a Sustainable Future
BW Businessworld

Paving the Path to a Sustainable Future

Salesforce's ESG journey has made an impact beyond the company. SUNYA NORMAN, SVP of ESG Strategy and Engagement at Salesforce, shares more on how the tech giant integrates sustainability into its core operations, supporting global goals while empowering employees

time-read
2 mins  |
November 16, 2024
LEADERSHIP TRANSITION AT XIAOMI INDIA
BW Businessworld

LEADERSHIP TRANSITION AT XIAOMI INDIA

Xiaomi India is experiencing a leadership evolution, beginning with Muralikrishnan B's departure as President by the end of 2024. This change underscores Xiaomi's shift towards nurturing local talent amidst dynamic global shifts. The story tracks key transitions from Manu Kumar Jain's leadership to Muralikrishnan B's impactful tenure, along with recent strategic hires, highlighting Xiaomi's alignment towards market adaptability and consumer focus

time-read
3 mins  |
November 16, 2024
WEAVING SUSTAINABILITY
BW Businessworld

WEAVING SUSTAINABILITY

Once a modest home textile manufacturer, Jindal Worldwide has evolved into a vertically integrated textile powerhouse, spanning critical segments of the yarn and fabric value chain

time-read
1 min  |
November 16, 2024
FORCE FOR GOOD
BW Businessworld

FORCE FOR GOOD

FY24 saw capacity expansions for Century Enka in nylon and polyester segments, along with investments in modernisation, renewable energy, and safety initiatives

time-read
1 min  |
November 16, 2024
REIMAGINING TOMORROW
BW Businessworld

REIMAGINING TOMORROW

For V-Guard, tomorrow signifies progress, driven by today's actions, setting the foundation for future growth and value creation for all stakeholders

time-read
1 min  |
November 16, 2024