Ashok Leyland, the flagship company of the Hinduja Group, is set to launch 5-6 new products in the light commercial vehicle (LCV) segment this year, according to Managing Director and CEO Shenu Agarwal. This announcement comes alongside the company’s significant financial achievements and strategic plans for future growth.
The Chennai-based manufacturer of medium and heavy commercial vehicles has allocated Rs 500 to Rs 700 crore as capital expenditure for the current financial year. Earlier today, Ashok Leyland reported a 16.73% increase in consolidated net profit, reaching Rs 933.69 crore for the January-March 2024 quarter, up from Rs 799.87 crore in the same period last year.
“FY’24 has been a record year for Ashok Leyland. We have achieved an all-time high in revenues, growth, EBITDA margins, and profits,” stated Chairman Dheeraj Hinduja. “What makes this achievement significant is that it coincides with our 75th anniversary. We remain optimistic about our industry prospects in the short to medium terms, supported by robust growth in the Indian economy.”
Looking ahead, Hinduja expressed confidence in maintaining sustainable and profitable growth through a commitment to delivering differentiated products and ensuring best-in-class customer satisfaction. Agarwal, responding to a query, revealed that the company plans to launch a new LCV product every alternate month starting from May. However, he did not provide specific details about the new products.
“Our aim is to expand our LCV product portfolio to cover at least 70-80% of the market share in the next few years. The LCV segment offers immense potential for us to increase our commercial vehicle volumes in the future,” added Hinduja.
In addition to the new LCV products, Ashok Leyland is gearing up to launch the electric vehicle IeV 3 under its subsidiary Switch Mobility. “In March, we launched the IeV 4 light commercial vehicle. The IeV 3 will follow in the next few months,” Hinduja confirmed.
Ashok Leyland’s strategic initiatives and product launches underscore its commitment to innovation and market leadership as it celebrates a milestone year in its history.