Ashok Leyland Limited has reported a revenue growth of 33 percent at INR 116.26 billion in the fourth quarter of FY2022-23 as compared to the revenue earning of INR 87.44 billion during the corresponding quarter in FY2021-22. Operating profit before tax for the fourth quarter of FY2022-23 was INR 10.68 billion as compared to INR 5.28 billion for the same period the fiscal prior. PAT was recorded at INR 7.51 billion as against that of INR 9.01 billion during the corresponding period in the fiscal prior. The FY2022-23 Q4 EBITDA was at 11.0 percent as against 8.9 percent the fiscal prior. 

The company’s truck market share during the fourth quarter of FY2022-23 has recorded an improvement at 32.7 percent as compared to 30.6 percent during the corresponding period in the fiscal prior. The bus market share for the fourth quarter of FY2022-23 has recorded an improvement at 27.1 percent as against 26.4 percent during the fiscal prior. 

Ashok Leyland’s domestic LCV volumes grew by 18 percent in the fourth quarter of FY2022-23 to 18,840 units as compared to 15,971 units in the corresponding period in the fiscal prior. 

For FY2022-23, the company recorded a revenue of INR 361.44 billion as compared to a revenue of INR 216.88 billion in FY2021-22. The operating PBT was INR 20.26 billion as against INR 170 million during FY2021-22. The PAT was INR 13.80 billion as against a profit of INR 5.42 billion in FY2021-22. Full year EBITDA was at 8.1 percent as against 4.6 percent in FY2021-22. Cash generated during the quarter was INR 22.87 billion and net cash surplus was INR 2.43 billion as against a net debt of INR 7.20 billion for the same period last year. 

Despite geopolitical headwinds, on a full year basis our export volumes are at 11289 units as compared to 11,014 units in FY2021-22, an increase of 2 percent. Good performance of the commercial vehicle major was supported by the medium and heavy duty AVTR truck range and the introduction of the CNG range of intermediate commercial vehicles. 

The company extended its network by opening 152 new outlets across the country in FY2022-23. Dheeraj Hinduja, Executive Chairman, Ashok Leyland Limited, said, “The CV industry is buoyant due to favourable macroeconomic factors and a healthy demand from the end-user industries. This trend is expected to continue alongside growth in core sectors such as construction and mining, agriculture, increased capital outlay for infrastructure projects and pent-up replacement demand. The focus on international operations, defence, power solutions and parts businesses will continue to balance the volatility of our core business. With momentum gradually picking up in electric vehicles, Switch Mobility is well poised to complement the developments at Ashok Leyland across a spectrum of alternate propulsion systems.” 

Shenu Agarwal, Managing Director & CEO, Ashok Leyland Limited, mentioned, “It has been a truly wholesome performance. We have been able to achieve growth in market share, across geographies and across product segments, along with significant improvement in our profitability. All this demonstrates our strong fundamentals – competitive and wide product portfolio, strong and widespread network and a talented and passionate team. While we shall continue to pursue better realisations even as we expand market share, our resolute focus shall remain on bringing deeper efficiency and cost improvement. We have generated close to INR 22.87 billion (INR 2287 Cr) of cash this quarter owing to better profits and focused management of working capital, which gives us ability to further accelerate our investment in future products and technologies.”

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MAN Truck & Bus and TIP Group have entered into a framework agreement for the delivery of up to 600 commercial vehicles annually over the next three years. The contract includes up to 1,800 units across all weight classes, ranging from 7.5 to 42 tonnes and covers operations in 18 European countries. The agreement, which includes both diesel and battery-electric trucks, has a total order value of up to EUR 160 million.

The diesel vehicles supplied will feature the PowerLion drivetrain, incorporating the D30 engine and TipMatic-14 transmission. According to the automaker, these aerodynamic updates reduce fuel consumption and CO2 emissions by up to 5 percent compared to previous models. In the electric segment, the contract includes the eTGL, eTGX and eTGS models. Depending on battery configuration, these vehicles offer claimed ranges between 310 km and 830 km.

The electric heavy-duty models are equipped with Combined Charging System (CCS) connections supporting up to 375 kW. From mid-2026, these models will support megawatt charging up to 750 kW. MAN produces both drive types on a single assembly line at its Munich plant to manage market demand and production costs.

TIP Group, which manages a fleet of over 90,000 assets, will utilise MAN service contracts to manage maintenance and repairs across its European network. These contracts provide fixed monthly rates to ensure cost transparency and vehicle uptime for rental customers.

Friedrich Baumann, Executive Board Member for Sales & Customer Solutions, MAN Truck & Bus, said, “With the new framework agreement, MAN Truck & Bus and TIP Group are sending a strong signal for the future of freight transport. We are pleased to accompany TIP as an important partner on the path to sustainable logistics – with efficient diesel trucks and innovative battery-electric vehicles. This agreement underscores the trust in our products and services and shows how we are jointly driving the transformation of the industry forward.”

Arjen Kraaij, CEO, TIP Group, said, “Supporting customers through the transition means offering the right solutions at the right time. By working closely with partners like MAN, we can expand our fleet with both highly efficient diesel trucks and electric trucks, giving operators practical choices that balance performance, cost efficiency and sustainability.”

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Gulf Oil Lubricants India has established strategic alliances with three construction equipment manufacturers – ACE (Action Construction Equipment), Ammann India and XCMG. These agreements are intended to expand the company’s presence in the infrastructure segment by providing equipment-specific lubricants for the Indian market.

As part of the collaboration with ACE, Gulf has added new products to the ACE Genuine Oil range, covering machinery such as cranes, backhoe loaders, motor graders and tractors. For Ammann India, which holds a 60 percent market share in asphalt mixing plants, Gulf will serve as the official partner for its entire equipment range. This includes the development of formulations for future machinery. Additionally, Gulf will launch branded lubricants for XCMG to support its range of construction equipment within India.

Alongside these alliances, Gulf has introduced a range of specialised products including fire-resistant hydraulic oil, zinc-free hydraulic oil and CEV V diesel engine oil. These formulations are engineered to meet the requirements of new-generation equipment while improving uptime and reducing the total cost of ownership for contractors.

The company currently manages over 50 OEM associations across the automotive, industrial, and construction sectors. These partnerships are a component of Gulf’s strategy to provide technical services and product selection tailored to Indian operating environments.

Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants India, said, “Infrastructure has been a strategic focus area for Gulf for over 15 years, and these partnerships mark a significant step forward in strengthening our presence in this growing sector. By working closely with leading OEMs like ACE, Ammann, and XCMG, among others, we are able to deliver application-specific, future-ready lubricant solutions for new generation equipments that help customers improve equipment reliability, reduce downtime, and optimise total cost of ownership. We firmly believe that long-term value is built through strong, enduring partnerships.”

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German commercial vehicle major MAN Truck & Bus has reached an agreement with employee representatives and the IG Metall union on its MAN2030+ programme. The initiative is designed to reduce costs by approximately EUR 900 million by 2028 while funding investments of almost EUR 1 billion in the company’s German locations by 2030.

The programme includes the development of vehicle generations based on the TRATON Modular System (TMS). Production and R&D investments will be made in Germany and Eastern Europe, where the group plans to establish a battery factory to support the transition to electric heavy-goods vehicles and buses.

The agreement secures the jobs of employees at MAN Truck & Bus in Germany until at least 2035, with a potential extension to 2040 based on sales and earnings performance. All German production sites will be retained. The company plans to adjust its workforce by 2,300 jobs over the next decade through natural fluctuation and demographic trends, avoiding redundancies or severance schemes.

Alexander Vlaskamp, CEO, MAN, said, “Following intensive negotiations, we have now reached agreement with our employee representatives on the implementation of key cornerstones of the MAN2030+ program. The plan secures MAN’s competitiveness and guarantees our customers a broad product portfolio as a full liner, which forms the basis for the company’s future success. This will enable us to secure the jobs of our current employees also in the future. With our continued high level of investment in Germany, we are fulfilling our industrial policy responsibilities. We will now consistently implement the long-term MAN2030+ program in order to counteract intensifying competition, changing market conditions and major regulatory risks at an early stage."

The EUR 900 million cost reduction will be achieved through savings in material and overhead costs, as well as sales performance improvements. The company has ruled out wage cuts and committed to continuing profit-sharing payments and above-tariff benefits.

Karina Schnur, Chairwoman of the General Works Council, MAN Truck & Bus, said, “The discussions were not easy, but they were always respectful and constructive, and from the perspective of co-determination and IG Metall, they have now resulted in the best possible compromise for our employees and the company. The agreement sends a very strong signal regarding the security, stability, and future prospects of our employees. With this agreement, we are securing the jobs of our colleagues at MAN until at least the end of 2035. And we are doing so without interfering with collectively agreed benefits. In addition, we were able to agree on profit sharing for employees and the payment of benefits above the collective agreement level – which means that MAN will remain an attractive company for future generations. Furthermore, we are securing the long-term preservation of our German locations. At the same time, we are creating the freedom to continue investing significantly in our German locations and the future of MAN.”

The programme also prioritises vocational training, with MAN committing to hire trainees amounting to at least 2 percent of the permanent workforce annually. By the mid-2030s, the company expects to employ approximately 13,000 staff across its German operations.

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In a strategic commitment to cultivating advanced technical expertise in South India, Eicher (VE Commercial Vehicles Limited) has established a long-term Regional Competency Development Centre at VNR Vignana Jyothi Institute of Engineering & Technology (VNR VJIET) in Hyderabad. This significant investment underscores Eicher's dedication to fostering industry-ready talent and enhancing the practical skills of its own workforce and network. The centre, inaugurated for an initial 10-year term, represents a core component of Eicher's vision for collaborative innovation and sustainable skill development within the automotive sector.

The newly inaugurated facility is equipped with a comprehensive range of operational vehicles, including diesel and electric models, alongside specialised diagnostic equipment and cut models of vital automotive systems. This infrastructure is designed to provide immersive, hands-on learning for Eicher employees and dealer partners from the Telangana and Andhra Pradesh regions. Furthermore, it creates a vital bridge to academia, offering students and faculty from key engineering disciplines direct exposure to current industry technologies and real-world automotive systems within their academic environment.

This initiative is fundamentally driven by Eicher’s objective to support sustained knowledge advancement and create a robust pipeline of skilled professionals. By enabling structured training on modern vehicle technologies, the partnership actively contributes to shaping the future of the automotive industry. It reflects Eicher's proactive approach to integrating industry practice with engineering education, thereby strengthening the ecosystem that supplies the next generation of engineers and technicians.

D Suresh Babu Garu, President, Vignana Jyothi, said, “Being selected by a global automotive leader such as Volvo–Eicher to host a Regional Competency Development Centre is a strong validation of VNR VJIET’s focus on industry-aligned education. This collaboration strengthens our commitment to providing students with the best facilities, real-world exposure and future-ready skills that meet national and global standards.”

Sumit Diwan, National Head – Customer Care, VE Commercial Vehicles Limited, said, “This Centre reflects our long-term approach to capability building and talent development. By investing in advanced infrastructure at VNR VJIET and training students alongside our workforce, we are creating a strong pipeline of skilled engineers equipped for evolving automotive and electric mobility technologies. We plan on hiring students from Automobile Engineering (AE) department and encourage greater participation of female students in the recruitment process.”

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