Hinduja Group's flagship company Ashok Leyland has drawn up plans to expand its business in the South East Asian markets as it pegs to post record business in international operations during this financial year.
The company has lined up plans to enter four different markets in South East Asia this year and has already forayed into the Philippines, with plans to enter Malaysia as well, Managing Director and CEO Shenu Agarwal said.
"Our next target in terms of geographical expansion is South East Asia. We have been talking about it for long. We want to get into four different markets in South East Asia. Philippines we have already started retailing there. In Malaysia, we were very close to launching some vehicles but due to some regulatory changes at a short notice, we are working on them (to launch their products)," he told reporters in Chennai.
Ashok Leyland Executive Chairman Dheeraj Hinduja said despite Bangladesh going through a slight economic crisis, Middle Eastern markets are doing very well at the moment.
"We expanded our range of products (in Middle Eastern markets) and that is why as a result we believe we should be in a position to record one of the best years when it comes to international operations," Hinduja said.
Responding to a query, Agarwal said that GCC (Gulf Cooperation Council) market has been a 'star performer' for Ashok Leyland and added that the company's products have been well accepted in those regions.
"We have new product pipeline also and some of these products will get launched in the next 12 months or so, for GCC," he added.
Ashok Leyland for the quarter ending September 30, 2024 registered a net profit of Rs 766.55 crore, as compared to Rs 569.31 crore registered in the year ago period. The total income during the quarter under review stood at Rs 11,261.84 crore as against Rs 11,463.03 crore registered in the corresponding quarter of last financial year.
For the quarter ending September 30, 2024 Ashok Leyland reported a 14 percent increase in export volumes by selling 3,310 units.
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