Ashok Leyland Annual Report 2014 15

Topics: Board of directors Pages: 156 (61630 words) Published: August 13, 2015
In this Annual Report, we have disclosed
forward-looking information to enable investors
to fully appreciate our prospects and take
informed investment decisions. This report and
other statement - written and oral - that we
periodically make, contain forward-looking
statements that set our anticipated results
based on management plans and assumptions.
We have tried, where possible, to identify such
statements by using words such as ‘anticipate’,
‘expect’, ‘project’, ‘intend’, ‘plan’, believe, and words of similar substance in connection with
any discussion of future performance.

We cannot, of course, guarantee that these
forward-looking statements will be realised,
although we believe we have been prudent in
our assumptions. Achievement of results is
subject to risks, uncertainties, and potentially
inaccurate assumptions. Should known or
unknown risks or uncertainties materialise, or
should underlying assumptions prove
inaccurate, actual results could vary materially
from those anticipated, estimated or projected.
Readers should bear this in mind.
We undertake no obligation to publicly update
any forward-looking statements, whether as a
result of new information, future events or

Chairman’s Message

Dear Shareholder,
I am happy as always to connect with you to reflect on the performance of Ashok Leyland in the year that went by and share with you our aspirations for the future. Clearly, 2014-15 has been a watershed year for Ashok Leyland. Though the commercial vehicle industry had not fully recovered from the preceding years of slow down, Your Company posted commendable all-round performance. This was possible to a large measure due to the relentless pursuit of internal efficiencies, product and market actions and above all a greater thrust in customer orientation. The highlights of performance include

Increase in market share of the Medium & Heavy Commercial Vehicle (M&HCV) segment from 26.1% to 28.6% in the face of fierce competition  Increase in market share in the intermediate vehicle domain enabled by the newly introduced BOSS range

Growth in export volume by 31.7% and maintaining leadership position in Sri Lanka, Middle East and Africa
Strong growth in Defence and After-market businesses
More than 11 times growth in profit after tax
Among the best performing auto stocks globally
I would like to extend my appreciation to the entire Ashok Leyland team for their determination and efforts to make this possible. I truly believe that it is not a chance occurrence but a sustainable performance since structural changes have been effected in the operating business model. We should obviously not rest on our laurels or allow a sense of complacency to set in. With general economic conditions set to ease further, Your Company is poised to achieve even better in all areas in the coming year.

As Your Company marches another step in 2015-16 towards the Vision of becoming a global player of substance, due attention will be given to the concerns of our ecosystem, especially air pollution. It is not pleasant to read reports that Delhi is the most polluted city in the world and India has 13 of the global top 20 polluted cities and not act on it as responsible corporate citizens.

Your Company has always been at the forefront of pioneering new technologies into the Indian market even ahead of times, whether it be in trucks or buses and

Annual Report 2014 - 2015


whether it be safety or performance related. Some of the examples you are familiar with are multi-axle trucks for higher load carrying capacity, safety oriented air brakes, various mass transport applications such as integral bus, articulated bus, double deck and ultra low floor bus. In line with that approach, Your Company has now drawn a road map for introduction of alternate propulsion systems. With global trends moving towards zero emission cities, we already have a...
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