"In FY 2012-13, we gained a market share of 3% while the M&HCV segment volumes fell by 25%" said Mr. Vinod K. Dasari, Managing Director, presenting the annual results of Ashok Leyland, the Hinduja Group flagship. "This can be attributed to several factors: a growing acceptance for our vehicles - especially the newly launched models, the robust network development programme that has significantly expanded our reach, our sustained brand building efforts that has enhanced the awareness for Brand Ashok Leyland in the market place and the continued success of 'Dost' in its first full year of operations. Our other success stories were the Spare Parts and Power Solutions businesses that demonstrated outstanding growth of 31% and 35% respectively and our new products - the 5-axle 3718il (10x2) and the select MAV models offered with the new TSRA technology have found ready customer acceptance."

The Company increased its market share to 26.5% in the domestic M&HCV space with a volume of 70,917 vehicles. Exports were lower at 8,778 nos. compared to the previous fiscal, largely owing to losses in key SAARC markets. However, Ashok Leyland has grown its sales by 11% in markets outside the traditional SAARC region. Meanwhile, 'Dost' has captured the imagination and the market with a volume of 34,917 vehicles and a network of 100 customer touch points in the 12 markets it has been introduced thus far.

The Company registered a sales turnover of Rs. 12,481.2 Crores during 2012-13 compared to

Rs. 12,904.3 Crores in the previous fiscal reflecting a drop of 3.3%. Net Profit was at Rs 433.7 Crores (Rs. 565.98 Crores) fall of 23.4%. Financial expenses at Rs 376.9 Crores (Rs 255.3 Crores) represented 48% increase due to higher working capital levels during the year.

Exceptional item at Rs 289.6 Crores comprise of net profit on sale of long term investment and diminution in the value of long-term investments.

Looking forward, Mr. Dasari said, "While the commercial vehicle market is largely tied to the general economy, the imminent release of funds for several infrastructure projects and a reduction in interest rates bode well for the M&HCV market. We expect that while the market is likely to fall slightly in the first half compared to the previous year, we expect some improvements in the second half of the year.

Ashok Leyland is preparing well by building on the successful products launched in 2012-13. We intend to launch a new range of ICV products in July and the heavy truck cab in October. Our JV with Nissan is also planning a slew of new products that will expand our range in the LCV sector."

distributed by