Ashok Leyland recently held 63^rd Annual General Meeting and the highlights of the meet are as follows:

Key Highlights:

• Total revenues grew by 15% YoY to Rs 12841.99 crore for the year ended March 2012. However, net profit fell by 10% to 565.98 crore for the same period. The fall was due to higher interest cost and depreciation during the year.

• The Company crossed sales of 1 lakh vehicles posted overall sales of 101990 (8.4% increase) for the year ended March 2012. This was on the back of robust 25% growth in exports.

• The performance of the domestic business was impacted for the year ended March 2012 due to depressed south market (-17%). However, the light truck segment grew by 30% in which 'Dost' was present only for the later part of the year. Also, the medium & heavy duty segment volume increased by 8% but within that the growth in intermediate vehicle segment was about 21% during the year. Further, traction expected in current year.

• In partnership with the Nissan Motor Company, it has launched the first truck 'Dost' with a payload of 1.25 tonne capacity and carefully positioned as segment splitter. It made remarkable achievement in less than six months of launch the product could gain a market share of 29% in its category in the six markets it fielded. Also, recognized as 'LCV Cargo Carrier of the Year'.

• The two new products Janbus - world' first single step, front engine, full flat floor bus and In trucks, U-3723 in a 10X4 configuration with more fuel efficient rigid truck with higher tonnage expected to hit the market in the current year (FY2013).

• It has enhanced its shareholding to 75.1% in Opaque plc UK taking a decisive step in global bus strategy and is expected to accelerate the process of positioning modern and competitive integral buses in both domestic and overseas markets.

• During the year, it had significant expansion of network, which has now over full service points all over the India.

• It renewed focus in defense business and on the strength of 70,000 stallion vehicles Ashok Leyland is largest supplier of logistics vehicles to Indian Army. Also, it is expanding on stallion range with the 6X6 and 8X8 versions.

• The Pantnagar plant running at full capacity currently. It has manufactured over 40000 vehicles in less than 2 years since its inception. Also, Ras Al khaimah bus plant is ramping up steadily and key contributor to the export performance in the Africa and Middle East markets.

• In JV with the John Deere, it has launched first product 435 backhoe loader under the 'Leyland Deere' brand. The initial reaction is highly encouraging.

• The R&D expenditure increased by 20% to Rs 349 crore (about 3% of sales) for the year ended March 2012.

• It is expected to launch series of new products in 2012-13 based on in-house developed state-of-the-art 'Neptune' range of engines and modern contemporary next generation cabin.

• The Company's vision to be, in volume terms, among the Top 10 truck manufacturers and top 5 bus players globally.