Ashok Leyland Posts Remarkable 78% Sales Growth in FY 2022-23

Ashok Leyland foresees sustained growth after impressive FY 2022-23 performance.

Bhubaneswar, Jan. 20: Ashok Leyland, India’s leading commercial vehicle manufacturer registered a 78 percent growth in its sales volumes in the Financial Year 2022-23 and anticipates achieving similar sales volume in the current fiscal.

In FY 2022-23, Ashok Leyland, the Indian flagship of the Hinduja Group, sold more than 1,14,000 units of Medium and Heavy Commercial Vehicles (M&HCV) in the Indian market.

Mr. Sanjeev Kumar, President-M&HCV, Ashok Leyland Ltd., credited the impressive increase in sales volume to the growth of core industries such as coal and mining, infrastructure, steel, and petroleum and also to the high-growth consumption-driven industries like e-commerce and cold-chain.

“The commercial vehicle industry, inherently cyclical, faced a significant downturn during the COVID-19 pandemic. Historical patterns reveal that slumps are followed by upswings as industry volumes rebound to fill the capacity gaps. Post-pandemic, the Indian economy’s swift recovery ensured accelerated growth in the commercial vehicle industry. This sustained growth in the Indian economy coupled with strong fiscal performances in states like Odisha and Jharkhand, has fuelled the MHCV industry’s expansion”, said Kumar during an interaction with the media today.

Mr Kumar added that the company has been a pioneer in delivering innovative products catering to the growing needs of its customers.

“With every commercial vehicle purchase, customers prioritize profitability. We ensure that our customers enjoy the lowest total cost of ownership with our best-in-class products and comprehensive service offerings. Our fast-growing network footprint ascertains that we are always available and accessible to our customers. These ongoing efforts have contributed to achieving a 30 percent market share in India,” he said.

“Ashok Leyland has established a strong presence in the dynamic and fast-growing state of Odisha and the broader Eastern India. The company endeavors to capitalize on the region's thriving economic development, ongoing infrastructure projects, and increasing demand for commercial vehicles. This strategic initiative is focused on strengthening its market position and fulfilling the specific requirements of customers in the region”, said President-M&HCV, Ashok Leyland Ltd.Ashok Leyland president (MHCV) Sanjeev Kumar

( Source : Deccan Chronicle )
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