Ashok Leyland bets on LCVs, defence to grow
The Hindu
‘E-com, FMCG growth helped LCVs’
Commercial vehicle manufacturer Ashok Leyland Ltd. (ALL) is betting on Light Commercial Vehicles (LCVs) and the defence business as they are key levers for growth, said a top official. “We started our LCV journey 11 years ago,” said chief operating officer Nitin Seth. “At the time, many [said] it was a wrong move. In the last 11 years, LCV sales have grown to 51% of our total volume. [LCVs] enabled us to successfully hedge the cyclicality of the medium and heavy commercial vehicle business,” he added. For the nine months ended March, ALL sold about 49,000 LCVs against 47,000 units a year earlier, he said. In the period, sales volume grew 5% while industry contracted 17%. The company gained 2% market share, he added. E-commerce and FMCG doing well during the pandemic and the revival of the agriculture sector spurred LCV sales in the period. In FY22, the LCV segment is likely to see 30% growth and ALL would be ahead of the curve, he said.
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