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.”
This story is from the 20 May 2023 edition of Business World India.
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This story is from the 20 May 2023 edition of Business World India.
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