Indian Commercial Vehicle Industry Outlook 1

A Progressive Digital Media business
MarketLine Industry Profile
Trucks in India
May 2014
Reference Code: 0102-2274
Publication Date: May 2014
WWW.MARKETLINE.COM
MARKETLINE. THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED
India - Trucks
MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED
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EXECUTIVE SUMMARY
Market value
The Indian trucks market shrank by 4.2% in 2013 to reach a value of $14.9 billion.
Market value forecast

In 2018, the Indian trucks market is forecast to have a value of $36.7 billion, an increase of 146.3% since 2013.
Market volume
The Indian trucks market grew by 3.3% in 2013 to reach a volume of 783.8 thousand vehicles.
Market volume forecast

In 2018, the Indian trucks market is forecast to have a volume of 1,466.7 thousand vehicles, an increase of 87.1% since
2013.
Category segmentation
Lcv is the largest segment of the trucks market in India, accounting for 59.3% of the market's total volume.
Geography segmentation
India accounts for 8.6% of the Asia-Pacific trucks market value.
Market share
Tata Motors Ltd is the leading player in the Indian trucks market, generating a 61.8% share of the market's volume.
Market rivalry
The typically large size of competitors in the trucks market tends to increase rivalry, for example Ford, Chrysler, GM and
Toyota all manufacture a range of popular pick-up trucks and are four of the largest auto manufacturers in the world.
However, in certain countries domestic manufacturers may not be considered particularly large on a global scale, but are
classed as large for the country they operate in.
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TABLE OF CONTENTS
Executive Summary ....................................................................................................................................................... 2
Market value............................................................................................................................................................... 2
Market value forecast ................................................................................................................................................. 2
Market volume............................................................................................................................................................ 2
Market volume forecast .............................................................................................................................................. 2
Category segmentation .............................................................................................................................................. 2
Geography segmentation ........................................................................................................................................... 2
Market share .............................................................................................................................................................. 2
Market rivalry.............................................................................................................................................................. 2
Market Overview ............................................................................................................................................................ 7
Market definition ......................................................................................................................................................... 7
Market analysis .......................................................................................................................................................... 7
Market Data ................................................................................................................................................................... 8
Market value............................................................................................................................................................... 8
Market volume............................................................................................................................................................ 9
Market Segmentation ................................................................................................................................................... 10
Category segmentation ............................................................................................................................................ 10
Geography segmentation ......................................................................................................................................... 11
Market share ............................................................................................................................................................ 12
Market Outlook ............................................................................................................................................................. 13
Market value forecast ............................................................................................................................................... 13
Market volume forecast ............................................................................................................................................ 14
Five Forces Analysis .................................................................................................................................................... 15
Summary .................................................................................................................................................................. 15
Buyer power ............................................................................................................................................................. 16
Supplier power ......................................................................................................................................................... 17
New entrants ............................................................................................................................................................ 18
Threat of substitutes................................................................................................................................................. 19
Degree of rivalry ....................................................................................................................................................... 20
Leading Companies ..................................................................................................................................................... 21
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Ashok Leyland Limited ............................................................................................................................................. 21

Eicher Motors Limited .............................................................................................................................................. 24
Mahindra & Mahindra Limited .................................................................................................................................. 27
Tata Motors Limited ................................................................................................................................................. 30
Macroeconomic Indicators ........................................................................................................................................... 34
Country Data ............................................................................................................................................................ 34
Appendix ...................................................................................................................................................................... 36
Methodology............................................................................................................................................................. 36
Industry associations ................................................................................................................................................ 37
Related MarketLine research ................................................................................................................................... 37
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LIST OF TABLES
Table 1: India trucks market value: $ billion, 200913 ................................................................................................... 8
Table 2: India trucks market volume: thousand vehicles, 200913 ................................................................................ 9
Table 3: India trucks market category segmentation: thousand vehicles, 2013 ........................................................... 10
Table 4: India trucks market geography segmentation: $ billion, 2013......................................................................... 11
Table 5: India trucks market share: % share, by volume, 2013 .................................................................................... 12
Table 6: India trucks market value forecast: $ billion, 201318 .................................................................................... 13
Table 7: India trucks market volume forecast: thousand vehicles, 201318 ................................................................ 14
Table 8: Ashok Leyland Limited: key facts ................................................................................................................... 21
Table 9: Ashok Leyland Limited: key financials ($) ...................................................................................................... 22
Table 10: Ashok Leyland Limited: key financials (Rs.) ................................................................................................. 22
Table 11: Ashok Leyland Limited: key financial ratios .................................................................................................. 22
Table 12: Eicher Motors Limited: key facts .................................................................................................................. 24
Table 13: Eicher Motors Limited: key financials ($) ...................................................................................................... 25
Table 14: Eicher Motors Limited: key financials (Rs.) .................................................................................................. 25
Table 15: Eicher Motors Limited: key financial ratios ................................................................................................... 25
Table 16: Mahindra & Mahindra Limited: key facts ...................................................................................................... 27
Table 17: Mahindra & Mahindra Limited: key financials ($) .......................................................................................... 28
Table 18: Mahindra & Mahindra Limited: key financials (Rs.) ...................................................................................... 28
Table 19: Mahindra & Mahindra Limited: key financial ratios ....................................................................................... 28
Table 20: Tata Motors Limited: key facts ..................................................................................................................... 30
Table 21: Tata Motors Limited: key financials ($) ......................................................................................................... 31
Table 22: Tata Motors Limited: key financials (Rs.) ..................................................................................................... 32
Table 23: Tata Motors Limited: key financial ratios ...................................................................................................... 32
Table 24: India size of population (million), 200913 ................................................................................................... 34
Table 25: India gdp (constant 2000 prices, $ billion), 200913 .................................................................................... 34
Table 26: India gdp (current prices, $ billion), 200913 ............................................................................................... 34
Table 27: India inflation, 200913 ................................................................................................................................ 35
Table 28: India consumer price index (absolute), 200913.......................................................................................... 35
Table 29: India exchange rate, 200913 ...................................................................................................................... 35
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LIST OF FIGURES
Figure 1: India trucks market value: $ billion, 200913 .................................................................................................. 8
Figure 2: India trucks market volume: thousand vehicles, 200913 ............................................................................... 9
Figure 3: India trucks market category segmentation: % share, by volume, 2013 ....................................................... 10
Figure 4: India trucks market geography segmentation: % share, by value, 2013 ....................................................... 11
Figure 5: India trucks market share: % share, by volume, 2013 .................................................................................. 12
Figure 6: India trucks market value forecast: $ billion, 201318 .................................................................................. 13
Figure 7: India trucks market volume forecast: thousand vehicles, 201318 ............................................................... 14
Figure 8: Forces driving competition in the trucks market in India, 2013 ...................................................................... 15
Figure 9: Drivers of buyer power in the trucks market in India, 2013 ........................................................................... 16
Figure 10: Drivers of supplier power in the trucks market in India, 2013 ...................................................................... 17
Figure 11: Factors influencing the likelihood of new entrants in the trucks market in India, 2013 ................................ 18
Figure 12: Factors influencing the threat of substitutes in the trucks market in India, 2013 ......................................... 19
Figure 13: Drivers of degree of rivalry in the trucks market in India, 2013 ................................................................... 20
Figure 14: Ashok Leyland Limited: revenues & profitability .......................................................................................... 23
Figure 15: Ashok Leyland Limited: assets & liabilities .................................................................................................. 23
Figure 16: Eicher Motors Limited: revenues & profitability ........................................................................................... 26
Figure 17: Eicher Motors Limited: assets & liabilities ................................................................................................... 26
Figure 18: Mahindra & Mahindra Limited: revenues & profitability ............................................................................... 29
Figure 19: Mahindra & Mahindra Limited: assets & liabilities ....................................................................................... 29
Figure 20: Tata Motors Limited: revenues & profitability .............................................................................................. 32
Figure 21: Tata Motors Limited: assets & liabilities ...................................................................................................... 33
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MARKET OVERVIEW
Market definition
The trucks market includes light trucks, and medium and heavy trucks.
The light trucks market includes all light commercial vehicles (LCVs) and light buses and coaches (LBCs) weighing up to
3.5 tonnes. This includes pick-ups and vans, but excludes sports utility and similar vehicles.
The medium and heavy trucks market includes commercial vehicles (CVs), buses and coaches (BCs), heavy commercial
vehicles (HCVs) and heavy buses and coaches (HBCs).
CVs and BCs weigh 3.51 to 16 tonnes and include pick-ups and vans where they fall into this weight range. HCVs and
HBCs weigh over 16 tonnes.
The market value is calculated in terms of manufacturer selling price (MSP), and excludes all taxes and levies.
Any currency conversions used in the creation of this report have been calculated using constant 2013 annual average
exchange rates.
For the purposes of this report, Asia-Pacific comprises Australia, China, India, Indonesia, Japan, New Zealand,
Singapore, South Korea, Taiwan, and Thailand.
Market analysis
The Indian truck market fluctuated markedly, displaying exceptional double digit growth, a decline and marginal growth
during the2009-2013 period. Despite this, overall the market recorded double digit growth, with forecasts suggesting
growth will accelerate during 2013-2018.
The Indian trucks market had total revenues of $14,858.0m in 2013, representing a compound annual growth rate
(CAGR) of 13.2% between 2009 and 2013. In comparison, the Chinese and Japanese markets grew with CAGRs of
9.3% and 5% respectively, over the same period, to reach respective values of $94,003.9m and $27,157.7m in 2013.
Market consumption volume increased with a CAGR of 15.5% between 2009 and 2013, to reach a total of 783.8
thousand vehicles in 2013. The market's volume is expected to rise to 1.5m vehicles by the end of 2018, representing a
CAGR of 13.4% for the 2013-2018 period.
LCV sales had the highest volume in the Indian trucks market in 2013, with total sales of 464.7 thousand vehicles,
equivalent to 59.3% of the market's overall volume. In comparison, sales of CVs had a volume of 144.4 thousand
vehicles in 2013, equating to 18.4% of the market total.
Value trucks, generally priced 30% lower than premium trucks and 15-20% higher than low-cost trucks, are gaining
particular traction in India and are expected to grow rapidly in 2014.
The performance of the market is forecast to accelerate, with an anticipated CAGR of 19.8% for the five-year period
2013 - 2018, which is expected to drive the market to a value of $36,714.6m by the end of 2018. Comparatively, the
Chinese and Japanese markets will grow with CAGRs of 7.3% and 8.6% respectively, over the same period, to reach
respective values of $133,860.6m and $41,013.1m in 2018.
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MARKET DATA
Market value
The Indian trucks market shrank by 4.2% in 2013 to reach a value of $14.9 billion.
The compound annual growth rate of the market in the period 200913 was 13.2%.
Table 1: India trucks market value: $ billion, 200913

Year
$ billion
Rs. billion
billion
2009
9.0
528.8
6.8
2010
12.6
736.8
9.5
39.3%
2011
12.8
745.9
9.6
1.2%
2012
15.5
907.4
11.7
21.7%
2013
14.9
869.0
11.2
(4.2%)
CAGR: 200913
SOURCE: MARKETLINE
% Growth
13.2%
MARKETLINE
Figure 1: India trucks market value: $ billion, 200913
SOURCE: MARKETLINE
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Market volume
The Indian trucks market grew by 3.3% in 2013 to reach a volume of 783.8 thousand vehicles.
The compound annual growth rate of the market in the period 200913 was 15.5%.
Table 2: India trucks market volume: thousand vehicles, 200913

Year
thousand vehicles
2009
440.8
2010
607.6
37.8%
2011
640.2
5.4%
2012
758.7
18.5%
2013
783.8
3.3%
CAGR: 200913
SOURCE: MARKETLINE
% Growth
15.5%
MARKETLINE
Figure 2: India trucks market volume: thousand vehicles, 200913
SOURCE: MARKETLINE
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MARKET SEGMENTATION
Category segmentation
Lcv is the largest segment of the trucks market in India, accounting for 59.3% of the market's total volume.
The Cv segment accounts for a further 18.4% of the market.
Table 3: India trucks market category segmentation: thousand vehicles, 2013

Category
2013
LCV
464.7
59.3%
CV
144.4
18.4%
HCV
75.0
9.6%
LBC
48.2
6.1%
BC
33.9
4.3%
HBC
17.6
2.2%
Total
783.8
100%
SOURCE: MARKETLINE
MARKETLINE
Figure 3: India trucks market category segmentation: % share, by volume, 2013
SOURCE: MARKETLINE
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Geography segmentation
India accounts for 8.6% of the Asia-Pacific trucks market value.
China accounts for a further 54.2% of the Asia-Pacific market.
Table 4: India trucks market geography segmentation: $ billion, 2013

Geography
2013
China
94.0
54.2
Japan
27.2
15.7
India
14.9
8.6
3.6
2.1
33.6
19.4
173.3
100%
South Korea
Rest of Asia-Pacific
Total
SOURCE: MARKETLINE
MARKETLINE
Figure 4: India trucks market geography segmentation: % share, by value, 2013
SOURCE: MARKETLINE
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Market share
Tata Motors Ltd is the leading player in the Indian trucks market, generating a 61.8% share of the market's volume.
Mahindra & Mahindra Limited accounts for a further 21.3% of the market.
Table 5: India trucks market share: % share, by volume, 2013

Company
% Share
Tata Motors Ltd
61.8%
Mahindra & Mahindra Limited
21.3%
Ashok
7.1%
Eicher
3.4%
Other
6.4%
Total
100%
SOURCE: MARKETLINE
MARKETLINE
Figure 5: India trucks market share: % share, by volume, 2013
SOURCE: MARKETLINE
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MARKET OUTLOOK
Market value forecast
In 2018, the Indian trucks market is forecast to have a value of $36.7 billion, an increase of 146.3% since 2013.
The compound annual growth rate of the market in the period 201318 is predicted to be 19.8%.
Table 6: India trucks market value forecast: $ billion, 201318

Year
$ billion
Rs. billion
billion
% Growth
2013
14.9
869.0
11.2
(4.2%)
2014
17.9
1,045.7
13.4
20.3%
2015
20.5
1,199.1
15.4
14.7%
2016
24.6
1,438.8
18.5
20.0%
2017
30.0
1,752.2
22.5
21.8%
2018
36.7
2,147.3
27.6
22.6%
CAGR: 201318
SOURCE: MARKETLINE
19.8%
MARKETLINE
Figure 6: India trucks market value forecast: $ billion, 201318
SOURCE: MARKETLINE
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Market volume forecast

In 2018, the Indian trucks market is forecast to have a volume of 1,466.7 thousand vehicles, an increase of 87.1% since
2013.
The compound annual growth rate of the market in the period 201318 is predicted to be 13.4%.
Table 7: India trucks market volume forecast: thousand vehicles, 201318

Year
thousand vehicles
2013
783.8
3.3%
2014
900.2
14.8%
2015
1,010.3
12.2%
2016
1,144.5
13.3%
2017
1,296.2
13.3%
2018
1,466.7
13.1%
CAGR: 201318
SOURCE: MARKETLINE
% Growth
13.4%
MARKETLINE
Figure 7: India trucks market volume forecast: thousand vehicles, 201318
SOURCE: MARKETLINE
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FIVE FORCES ANALYSIS

The trucks market will be analyzed taking manufacturers of trucks as players. The key buyers will be taken as end users
such as truck leasing firms, independent traders, logistics firms and business customers, and providers of raw materials
and manufacturing equipment as the key suppliers.
Summary
Figure 8: Forces driving competition in the trucks market in India, 2013
SOURCE: MARKETLINE
MARKETLINE
The typically large size of competitors in the trucks market tends to increase rivalry, for example Ford, Chrysler, GM and
Toyota all manufacture a range of popular pick-up trucks and are four of the largest auto manufacturers in the world.
However, in certain countries domestic manufacturers may not be considered particularly large on a global scale, but are
classed as large for the country they operate in.
Buyers for trucks generally tend to have stronger financial muscle than in the car market as end users are mainly
business customers as opposed to individuals, with governments also purchasing trucks for military uses amongst
others, thus increasing buyer power. Suppliers in this market are mainly providers of raw materials and manufacturing
equipment. There is fairly low differentiation of primary raw materials such as aluminum, copper, and steel between
suppliers, although truck manufacturers have limited power to influence the price of these commodities. The degree of
government regulation can deter new entrants, with new trucks having to adhere to strict emissions standards, in
addition to health and safety concerns in regards to the manufacturing process itself and the vehicles produced.
Substitutes in this market are primarily second-hand vehicles, however for some buyers more relevant substitutes may
be alternative modes of transportation such as rail freight, waterways (for example canals, rivers and lakes), or air
freight.
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Buyer power
Figure 9: Drivers of buyer power in the trucks market in India, 2013
SOURCE: MARKETLINE
MARKETLINE
Truck manufacturers generally sell to dealers in the first instance. However, pull-through from end-users (companies
using trucks for in-house transportation or provision of third-party logistics services, and vehicle leasing companies) is
important in this market. Buyers for trucks generally tend to have stronger financial muscle than in the car market as end
users are mainly business customers. Buyers of light trucks are usually business customers such as construction
companies, transportation companies and small independent businesses. Larger companies that require transportation
solutions such as retailers, and petroleum and chemical companies are typical buyers of medium and heavy trucks, with
governments also purchasing trucks for military uses amongst others. Losing these end users has a much larger impact
on truck manufacturers than on individual consumers, thus increasing buyer power. Where trucks are purchased for a
military purpose (Tata Motors produces trucks for the military), there is effectively only one legitimate buyer (the defense
ministry) in each country, resulting in oligopsony market conditions for truck manufacturers and increasing buyer power.
Furthermore, buyers tend to be price sensitive, and this has been a common feature of buyers in recent years due to the
economic climate (although many economies are showing real signs of recovery), with businesses and consumers
looking for ways to keep costs down and save money. The basic functions of trucks do not differ greatly from one
manufacturer to another, which tends to mean that price competition is significant. However, truck manufacturers can
differentiate their products on the basis of quality and reliability, ability to meet custom specs, and after-sales service.
Brand strength and reputation can diminish buyer power to an extent as customers often display loyalty to a particular
brand.
There are relatively low switching costs in this market. For example, drivers with the appropriate class of driving license
are able to drive all trucks within a particular weight category; there is no need for expensive re-training should a fleet
company or owner-operator switch from one make of truck to another. Providers of maintenance services will generally
be able to deal with several manufacturers trucks, at least for domestic truck makers. This strengthens buyer power.
Buyers tend to be fairly reliant on the trucks market, with little in the way of viable alternatives for their transportation
requirements. Trucks will rarely be discretionary purchases for buyers, and the importance of these products to their
business weakens buyer power. Overall, buyer power is assessed as moderate in this market.
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Supplier power
Figure 10: Drivers of supplier power in the trucks market in India, 2013
SOURCE: MARKETLINE
MARKETLINE
Suppliers in this market are mainly providers of raw materials and manufacturing equipment. They also include
manufacturers of parts and tires that are not produced in-house. There is fairly low differentiation of primary raw
materials such as aluminum, copper, and steel between suppliers, thus reducing switching costs. However, truck
manufacturers may have limited power to influence the price of these commodities. One truck manufacturer will only
constitute a small part of a suppliers overall revenues, strengthening suppliers' position in this market.
Other important inputs are much less commoditized. Components such as electronic assemblies and powertrain parts
are supplied by a more limited range of specialized companies. Truck manufacturers often use long-term supply
contracts to defend against volatility in raw material and component prices. However, this will also tend to raise switching
costs. Where components are highly specialized, it may be difficult to find new suppliers capable of offering genuine
alternatives. These factors strengthen supplier power.
Furthermore, the high importance of the materials to the success of a truck manufacturers' business enhances their
position further. In keeping with emission regulations, vehicle manufacturers utilize technologies such as NOx absorbers
and SRC (selective catalytic reduction) systems, meaning that they are more reliant on suppliers, as failure to comply
leads to heavy taxation. Suppliers are able to implement forward integration, although this vertical integration also
applies to market players in terms of component manufacture. Overall supplier power in this market is moderate.
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New entrants
Figure 11: Factors influencing the likelihood of new entrants in the trucks market in India, 2013
SOURCE: MARKETLINE
MARKETLINE
Switching costs are relatively low in the trucks market as drivers with the appropriate class of driving license are able to
drive all trucks within a particular weight category, and buyers of trucks are not always tied down to contracts. This
provides an impetus for potential new entrants, although the level of differentiation can become an entry barrier for
specific areas of the truck market. For example, pick-up trucks are relatively commoditized and dominated by the likes of
Ford, Toyota and General Motors. However there is room for differentiation among other areas of the truck market, such
as the medium and heavy truck segment, which could lead to an increased likelihood of new entrants. For example a
new entrant could target the niche market of military trucks which would allow them to offer highly differentiated vehicles.
Scales of economy are prohibitive for new entrants in the truck market due to the nature of the manufacturing industry,
as are the high fixed costs associated with suitable manufacturing facilities and equipment. The degree of government
regulation can also deter new entrants, with new trucks having to adhere to strict emissions standards, in addition to
health and safety concerns in regards to the manufacturing process itself and the vehicles produced. In 2003, the
National Auto Fuel Policy was announced in India, which introduced a phased program for emission and fuel regulation.
The country follows European Union emissions directives, and as of 2010 Euro III had been adopted nationwide, with
Euro IV in selected regions, for all vehicles.
Another factor likely to deter new entrants is the likelihood of established truck manufacturers retaliating to a new
competitor, usually by exploiting their significant economies of scale through price wars. However, accessibility to
suppliers and distribution is something new entrants have a greater degree of control over, suppliers are unlikely to turn
down a new customer, and when assessing where to build a manufacturing facility, distribution will be one of the key
factors in that decision making process.
Another entry barrier is the degree of IP involved in modern trucks, although there is a niche for basic 'value' trucks,
modern trucks require a certain degree of technology in order to meet not only government dictated emissions
standards, but also to meet customer requirements such as driver aids and high fuel efficiency. Furthermore, the brand
strength and reputation of established truck manufacturers also creates difficulties in getting recognized for new entrants.
The likelihood of new entrants to this market is assessed as moderate at present.
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Threat of substitutes
Figure 12: Factors influencing the threat of substitutes in the trucks market in India, 2013
SOURCE: MARKETLINE
MARKETLINE
Substitutes in this market are primarily second-hand vehicles. It is more common for smaller businesses and companies
in developing countries to buy used vehicles as they are less likely to be able to afford new trucks. However, new
emission standards, together with technological solutions and fuel economy, may lead to a situation in which it is more
economical to purchase new vehicles than second-hand vehicles due to the savings more technologically advanced
vehicles offer. For some buyers, more relevant substitutes may be alternative modes of transportation such as rail
freight, waterways (for example canals, rivers and lakes), or air freight. However, the actual threat to truck sales from
these alternative modes of transport depends on what kind of goods are carried: if high-volume bulk commodities such
as coal are the main freight carried by rail, then the threat to trucks is less, because it would not be economical in any
case to transport these goods by road, furthermore these modes of transport wouldn't be viable alternatives if a logistics
company carries out multi-drop deliveries. Where a company judges that rail, air or water transportation is more costeffective than road transport, especially where supported by government, the demand for trucks may be threatened.
Overall, the threat of substitutes is moderate.
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Degree of rivalry
Figure 13: Drivers of degree of rivalry in the trucks market in India, 2013
SOURCE: MARKETLINE
MARKETLINE
The typically large size of competitors in the trucks market increases rivalry. For example Ford, Chrysler, GM and Toyota
all manufacture a range of popular pick-up trucks and are four of the largest auto manufacturers in the world. However,
in certain countries domestic manufacturers may not be considered particularly large on a global scale, but are classed
as large for the country they operate in, e.g. Mahindra & Mahindra in India. A majority of car manufacturers produce
trucks in some form, whether they be pick-up trucks or light commercial vehicles, however the manufacturers of heavy
trucks and buses are fewer in number due to lower demand. Overall, a combination of the number of players, and their
large size, results in increased rivalry.
As previously discussed, switching costs are not particularly high, with the level of differentiation also tending to be
relatively low, apart from niche trucks such as those used for military applications, which tempers rivalry somewhat.
However, the high fixed costs associated with truck manufacturing due to the high cost of specialized manufacturing
equipment and suitably located facilities, coupled with the need for high-skilled labor, tends to increase rivalry. As do the
high exit barriers, due to the difficulty companies may face in divesting facilities and equipment. Furthermore, storage
costs of completed trucks, parts, and completed components etc. is expensive due to their size, and results in pressure
on rivalry.
The ease with which truck manufacturers can expand their production lines, vehicle manufacturers often have spare
capacity, eases rivalry, although if a truck manufacturer finds itself lacking the capacity to meet demand it can be time
consuming and costly to expand its facilities. The similarity of players also serves to reduce rivalry as players with similar
business models and structures are more predictable than players with widely divergent histories and cultures which may
behave in ways that are difficult for their competitors to predict. The level of growth experienced in India has also
contributed to a reduction in rivalry. Overall, the degree of rivalry is assessed as moderate.
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LEADING COMPANIES
Ashok Leyland Limited
Table 8: Ashok Leyland Limited: key facts
Head office:
No. 1 Sardar Patel Road, Guindy, Chennai, Tamil Nadu 600 032, IND
Telephone:
91 4 42 220 6000
Fax:
91 4 42 220 6001
Website:
www.ashokleyland.com
Financial year-end:
March
Ticker:
500477, ASHOKLEY
Stock exchange:
Bombay, India
SOURCE: COMPANY WEBSITE
MARKETLINE
Ashok Leyland is focused on the manufacturing of commercial vehicles. The company primarily manufactures trucks,
buses, special application vehicles, and engines. It has eight manufacturing plants in India including the principal unit at
Ennore near Chennai, at Ambattur, three plants at Hosur, one plant at Pantnagar, and assembly plants at Alwar and
Bhandara. It also has facilities in the UK, Czech Republic, and the UAE. Ashok Leyland also exports its products to
Bangladesh, Sri Lanka, Mauritius, and the Middle East and Africa.
The company's product range spans from 18-80 seater buses, 7.5 to 49 ton gross vehicle weight goods vehicles, as well
as light commercial vehicles, and military defense vehicles. Additionally, it offers diesel engines for industrial, marine,
and generator applications.
Ashok Leyland's range of buses includes CNG (compressed natural gas), double decker, and vestibule buses. Its trucks
include long-haul, distribution, construction and mining trucks. The company's light commercial vehicles include small
trucks under the 7.5 ton range.
Through the defense vehicle segment, the company is engaged in the design, development and manufacture of defense
vehicles and offers end-to-end solutions to meet the logistic requirements of the armed forces.
In addition, under the brand name LEYPOWER, Ashok Leyland offers complete power solutions by supplying engines for
a variety of applications including generator sets, marine applications, earth-moving equipment, compressors, cranes
and combine harvesters.
During FY2013, the company produced 112,163 vehicles and sold 114,611. The total sales included 18,976 buses and
51,940 trucks. In the same year, the company exported 8,778 vehicles to overseas markets. In addition, Ashok Leyland
sold 21,757 engines. Moreover, the company sold a total of 275 defense vehicles and 2,463 kits, operating 400
authorized services centers across India.
The company has joint ventures with Nissan Motors, the John Deere Construction & Forestry Company, and Continental.
It has considerable investments in Albonair, Ashok Leyland Defense Systems Limited (ALDS), Ashley Alteams India
Limited (AAIL), AVIA Ashok Leyland Motors (AALM), and Defiance Technologies among other companies.
Key Metrics
The company recorded revenues of $2,145m in the fiscal year ending 500477, ASHOKLEY 2013, a decrease of 3.1%
compared to fiscal 2012. Its net income was $74m in fiscal 2013, compared to a net income of $97m in the preceding
year.
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Table 9: Ashok Leyland Limited: key financials ($)

$ million
2009
2010
2011
2012
2013
1,333.7
1,250.8
1,903.5
2,213.3
2,144.7
32.5
72.4
107.9
96.8
74.2
Total assets
974.5
1,080.8
1,208.0
2,037.4
2,239.3
Total liabilities
380.5
453.5
530.4
1,317.1
1,477.6
11,938
13,662
15,812
15,734
14,668
Revenues
Net income (loss)
Employees
SOURCE: COMPANY FILINGS
MARKETLINE
Table 10: Ashok Leyland Limited: key financials (Rs.)

Rs. million
2009
2010
2011
2012
2013
78,001.9
73,151.6
111,330.4
129,446.8
125,435.5
1,900.0
4,236.7
6,313.0
5,659.8
4,337.1
Total assets
56,993.2
63,212.9
70,650.4
119,157.5
130,967.0
Total liabilities
22,254.2
26,525.3
31,020.8
77,034.2
86,416.0
Revenues
Net income (loss)
MARKETLINE
Table 11: Ashok Leyland Limited: key financial ratios

Ratio
Profit margin
2009
2010
2011
2012
2013
2.4%
5.8%
5.7%
4.4%
3.5%
Revenue growth
29.3%
(6.2%)
52.2%
16.3%
(3.1%)
Asset growth
73.2%
10.9%
11.8%
68.7%
9.9%
Liabilities growth
95.0%
19.2%
16.9%
148.3%
12.2%
Debt/asset ratio
39.0%
42.0%
43.9%
64.6%
66.0%
Return on assets
4.2%
7.0%
9.4%
6.0%
3.5%
$111,718
$91,550
$120,386
$140,670
$146,217
$2,721
$5,302
$6,826
$6,150
$5,056
Revenue per employee

Profit per employee
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Figure 14: Ashok Leyland Limited: revenues & profitability
MARKETLINE
Figure 15: Ashok Leyland Limited: assets & liabilities
India - Trucks
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Eicher Motors Limited

Table 12: Eicher Motors Limited: key facts
Telephone:
Confluence Business Centre, 96 Sector 32, Gurgaon 122001, Haryana,

IND
91 124 441 5600
Fax:
91 124 441 5997
Website:
www.eicher.in
Financial year-end:
December
Ticker:
505200
Stock exchange:
Bombay
Head office:
MARKETLINE
Eicher Motors Limited (EML) is an Indian manufacturer of trucks and buses, motorcycles, and automotive gears and
components. The company has operations in India, the US, China and Sri Lanka.
The company operates its business through VE Commercial Vehicles Limited (VECV) and Royal Enfield.
VECV is a 50:50 joint venture between the Volvo Group (Volvo) and EML. It is involved in the manufacture of a range of
commercial vehicles (CVs) and components, and engineering design activities. It is also involved in the sales and
distribution of Volvo trucks. VECV operates its business through five verticals, including Eicher Trucks and Buses (ETB),
Volvo Trucks India (VTI), Eicher Engineering Components (EEC), Eicher Engineering Solutions (EES), and VE
Powertrain.
ETB is a manufacturer of a range of commercial vehicles (CVs) and components under four categories: trucks, buses,
special application vehicles, and non-automotive engines. Its truck category includes haulage (5 T- 31T), tipper (8T to
25T), articulated tractor (40 T) and special application trucks. Its buses category offers tourist buses, school, staff, city
and route permit buses, and bus chassis under the Skyline and Starline brands. The company sells its vehicles in South
Asian markets that include Bangladesh, Nepal and Sri Lanka.
VTI offers Volvo branded trucks and related parts and components in India. VTI also provides servicing and maintenance
services through a network of Volvo's service and parts support points.
VE Powertrain operates a facility in Pithampur, Madhya Pradesh. This facility provides the medium-duty automotive for
five- and eight-liter engines for Volvo. The Euro 6-compliant diesel engines for Volvo Europe are adapted to Euro 3 and 4
engine technologies to meet VECV requirements. These Euro 3 and Euro 4 engines cater to the requirements of VECV
and also other emerging and Asian country requirements.
EML's other subsidiaries include Eicher Engineering Solutions, Inc.; Hoff Auto Design (Shanghai) Co. Ltd.; Hoff
Automotive Design (Beijing) Co. Ltd; VECV Lanka (Private) Limited; and Eicher Polaris Private Limited. Eicher Polaris
Private Limited is a 50:50 strategic joint venture established between the company and Polaris Industries, to design,
develop, manufacture and sell a range of personal vehicles.
Key Metrics
The company recorded revenues of $1,164m in the fiscal year ending December 2013, an increase of 6.6% compared to
fiscal 2012. Its net income was $67m in fiscal 2013, compared to a net income of $55m in the preceding year.
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Table 13: Eicher Motors Limited: key financials ($)

$ million
2009
2010
2011
2012
2013
Revenues
520.5
754.1
971.9
1,092.6
1,164.3
Net income (loss)
142.6
32.3
52.8
55.1
67.4
Total assets
307.7
506.7
648.6
764.5
912.5
Total liabilities
221.7
180.2
250.1
302.3
383.2
MARKETLINE
Table 14: Eicher Motors Limited: key financials (Rs.)

Rs. million
2009
2010
2011
2012
2013
30,440.7
44,102.6
56,844.2
63,898.9
68,098.0
8,339.0
1,889.2
3,087.7
3,224.6
3,939.4
Total assets
17,998.0
29,633.2
37,933.8
44,714.8
53,365.9
Total liabilities
12,966.0
10,537.7
14,626.0
17,681.3
22,414.5
Revenues
Net income (loss)
MARKETLINE
Table 15: Eicher Motors Limited: key financial ratios

Ratio
Profit margin
Revenue growth
2009
2010
2011
2012
2013
27.4%
4.3%
5.4%
5.0%
5.8%
70.7%
44.9%
28.9%
12.4%
6.6%
160.6%
64.6%
28.0%
17.9%
19.3%
Liabilities growth
34.5%
(18.7%)
38.8%
20.9%
26.8%
Debt/asset ratio
72.0%
35.6%
38.6%
39.5%
42.0%
Return on assets
67.0%
7.9%
9.1%
7.8%
8.0%
Asset growth
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Figure 16: Eicher Motors Limited: revenues & profitability
MARKETLINE
Figure 17: Eicher Motors Limited: assets & liabilities
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Mahindra & Mahindra Limited

Table 16: Mahindra & Mahindra Limited: key facts
Telephone:
Mahindra Towers, G.M. Bhosale Marg, Worli, Mumbai, Maharashtra 400

018, IND
91 22 24975074
Website:
www.mahindra.com
Financial year-end:
March
Ticker:
500520
Stock exchange:
Bombay
Head office:
MARKETLINE
Mahindra & Mahindra (M&M) is an Indian manufacturer and marketer of utility vehicles, and tractors. It also provides
farm equipment, steel trading and processing, financial, infrastructure development, hospitality, and information
technology services. The group operates in Asia, the Americas, Europe, Middle East and Africa and Australia.
The group primarily operates through nine segments including: automotive, farm equipment, Systech, financial services,
IT services, steel trading and processing, infrastructure, hospitality, and other operations.
M&M's automotive segment comprises the sale of automobiles, spare parts and related services. The group also
manufactures and markets utility vehicles and light commercial vehicles including three-wheelers, The company also
produces a range of buses, light commercial vehicles and heavy trucks through its subsidiary Mahindra Trucks and
Buses Limited.
It exports its automotive products to several regions including Europe, Africa, South America, South Asia and the Middle
East. M&M markets its vehicles under the Alfa, Bolero, Genio, Gio, Korando, Kyron, Loadking, Logan, Maxximo, REVA
Electric Cars, Rexton II, Rodius, Scorpio, Thar, Verito, XUV 500, Xylo and e2o brand names.
M&M's financial services segment comprises of services relating to financing, leasing and hire purchase of automobiles
and tractors. It provides financing for utility vehicles, tractors and cars in the rural and semi-urban sectors. The group
offers direct insurance broking services both in the life and non-life insurance segments with a focus on retail and
commercial lines of businesses.
The group's other operations segment comprises logistics, after-market, two wheelers, and investment. The after-market
sector focuses on the pre-owned vehicles, servicing, spares and the financial instruments and exchange platforms. The
group's two wheeler sector is engaged in designing and marketing a range of scooters and motorcycles for the Indian
and global markets.
Key Metrics
The company recorded revenues of $11,819m in the fiscal year ending March 2013, an increase of 15.7% compared to
fiscal 2012. Its net income was $701m in fiscal 2013, compared to a net income of $535m in the preceding year.
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Table 17: Mahindra & Mahindra Limited: key financials ($)

$ million
2009
2010
2011
2012
2013
4,602.8
5,418.0
6,330.7
10,215.3
11,819.0
240.3
423.8
526.6
534.6
700.9
Total assets
5,355.4
6,089.5
8,576.8
10,906.2
13,074.9
Total liabilities
3,628.6
3,932.0
5,393.0
7,276.4
8,756.3
Employees
16,094
14,355
17,577
17,847
19,434
Revenues
Net income (loss)
MARKETLINE
Table 18: Mahindra & Mahindra Limited: key financials (Rs.)

Rs. million
2009
2010
2011
2012
2013
269,197.6
316,879.2
370,254.4
597,449.5
691,246.0
14,054.1
24,785.6
30,797.3
31,266.6
40,992.0
Total assets
313,216.3
356,147.3
501,621.8
637,857.7
764,697.9
Total liabilities
212,219.1
229,965.0
315,414.6
425,568.0
512,121.2
Revenues
Net income (loss)
MARKETLINE
Table 19: Mahindra & Mahindra Limited: key financial ratios

Ratio
Profit margin
2009
2010
2011
2012
2013
5.2%
7.8%
8.3%
5.2%
5.9%
Revenue growth
10.1%
17.7%
16.8%
61.4%
15.7%
Asset growth
20.7%
13.7%
40.8%
27.2%
19.9%
Liabilities growth
24.5%
8.4%
37.2%
34.9%
20.3%
Debt/asset ratio
67.8%
64.6%
62.9%
66.7%
67.0%
Return on assets
4.9%
7.4%
7.2%
5.5%
5.8%
$285,993
$377,433
$360,167
$572,380
$608,162
$14,931
$29,522
$29,958
$29,955
$36,065

Profit per employee
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Figure 18: Mahindra & Mahindra Limited: revenues & profitability
MARKETLINE
Figure 19: Mahindra & Mahindra Limited: assets & liabilities
India - Trucks
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Tata Motors Limited

Table 20: Tata Motors Limited: key facts
Telephone:
Bombay House, 24 Homi Mody Street, Mumbai, Maharashtra 400001,

IND
91 22 6665 8282
Fax:
91 22 6665 7799
Website:
www.tatamotors.com
Financial year-end:
March
Ticker:
TTM, 500570
Stock exchange:
New York, Bombay
Head office:
MARKETLINE
Tata Motors is an Indian automobile manufacturer with a portfolio comprising of light, medium and heavy commercial
vehicles, utility vehicles, and passenger cars. It has automotive operations in India, South Korea, South Africa, Thailand,
Bangladesh, Singapore, Spain, and the UK. The company is a part of the Tata Group, one of the leading business
groups in India.
Tata Motors' business operations can be distributed into three business divisions including: Jaguar Land Rover; Tata and
other branded vehicles; and other operations.
The Jaguar Land Rover was acquired from Ford Motor in 2008. The segment designs, manufactures, and sells Jaguar
luxury performance cars and Land Rover premium all-terrain vehicles (ATVs).
The Jaguar Land Rover business operates three automotive manufacturing facilities in the UK at Solihull, Castle
Bromwich, and Halewood. The segment also has two product development facilities in the UK at Gaydon and Whitley.
The 'Tata and other branded vehicles' division a wide range of automotive products, including passenger cars, utility
vehicles, light commercial vehicles, and medium and heavy commercial vehicles. It also offers related parts, and
financing services.
The light commercial vehicles (LCV) offered by the company include pickup trucks, trucks and buses with a gross vehicle
weight (GVW) of between 1.2 ton and 7.5 tons. This also includes the Ace mini-truck with a 0.75 ton payload in different
fuel options, Super Ace with a one ton payload, Ace Zip with a 0.6 ton payload, and the Magic and Magic Iris (both
passenger variants for commercial transportation developed on the Ace platform), and the Winger.
Tata Motors manufactures a variety of medium and heavy commercial vehicles (M&HCV) including trucks, tractors,
buses, tippers, and multi-axled vehicles with a GVW of between eight and 49 tons. In addition, through Tata Daewoo
Commercial Vehicle (TDCV), the company manufactures a range of high horsepower trucks ranging from 215 to 560
horsepower, including dump trucks, tractor-trailers, mixers and cargo vehicles.
The company operates six automotive manufacturing facilities located in Jamshedpur (Jharkhand), Pune (Maharashtra),
Lucknow (Uttar Pradesh), Pantnagar (Uttarakhand), Dharwad (Karnataka) and Sanand (Gujarat), in India. TDCV has a
manufacturing facility in Gunsan, South Korea. Tata Motors (Thailand) has a manufacturing facility in Samutprakarn
province, Thailand. Tata Hispano Motors Carrocera has two manufacturing units, one in Spain and another one in
Morocco. TMSA, the company's joint venture with Tata Africa Holdings, operates a manufacturing facility in Rosslyn,
South Africa.
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The company's sales and distribution network in India includes approximately 2,150 sales contact points for its
passenger and commercial vehicles business. In FY2013, the company sold a total of 1,191,179 vehicles including
236,260 passenger cars, 361,822 utility vehicles, 428,708 light commercial vehicles and 165,189 medium and heavy
commercial vehicles.
The company's wholly-owned subsidiary, Tata Motors Finance Limited (TMFL) provides financing for the company's
dealer's customers. Additionally, the company's wholly-owned subsidiary, Tata Motors Insurance Broking and Advisory
Services Limited, undertakes the business of insurance and reinsurance broking.
Tata Motors' other operations division includes information technology, and machine tools and factory automation
solutions. Through its other subsidiary and associate companies, the company is engaged in providing engineering and
automotive solutions, construction equipment manufacturing, and automotive vehicle components manufacturing and
supply chain activities. In addition, it also provides machine tools and factory automation solutions, high-precision tooling
and plastic and electronic components for automotive and computer applications, and automotive retailing and service
operations.
The company's wholly-owned subsidiary, TML Distribution Company (TDCL), provides distribution and logistics support
for the company's products throughout India.
Tata Technologies Limited subsidiary is engaged in providing specialized engineering and design services, product
lifecycle management and product-centric IT services to global manufacturers. As of March 31, 2013, the company's
operations included 64 consolidated subsidiaries and 25 equity method affiliates.
Key Metrics
The company recorded revenues of $32,284m in the fiscal year ending March 2013, an increase of 14.0% compared to
fiscal 2012. Its net income was $1,691m in fiscal 2013, compared to a net income of $2,311m in the preceding year.
Table 21: Tata Motors Limited: key financials ($)

$ million
2009
2010
2011
2012
2013
12,129.2
15,819.1
21,053.5
28,323.8
32,284.3
(428.4)
439.6
1,585.6
2,311.1
1,691.5
Total assets
12,508.9
14,878.8
17,318.6
24,857.7
29,071.4
Total liabilities
11,493.2
13,439.1
13,998.5
19,137.2
22,572.7
49,473
49,856
53,151
55,224
62,716
Revenues
Net income (loss)
Employees
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Table 22: Tata Motors Limited: key financials (Rs.)

Rs. million
2009
2010
2011
2012
2013
Revenues
709,388.5
925,192.5
1,231,333.0
1,656,544.9
1,888,176.3
Net income (loss)
(25,052.5)
25,710.6
92,736.2
135,165.0
98,926.1
Total assets
731,595.0
870,199.3
1,012,894.3
1,453,826.4
1,700,264.5
Total liabilities
672,188.6
785,999.4
818,713.6
1,119,255.8
1,320,186.7
MARKETLINE
Table 23: Tata Motors Limited: key financial ratios

Ratio
2009
2010
2011
2012
2013
Profit margin
(3.5%)
2.8%
7.5%
8.2%
5.2%
Revenue growth
98.9%
30.4%
33.1%
34.5%
14.0%
Asset growth
107.0%
18.9%
16.4%
43.5%
17.0%
Liabilities growth
152.2%
16.9%
4.2%
36.7%
18.0%
Debt/asset ratio
91.9%
90.3%
80.8%
77.0%
77.6%
Return on assets
(4.6%)
3.2%
9.8%
11.0%
6.3%
$245,169
$317,295
$396,107
$512,890
$514,770
($8,658)
$8,817
$29,832
$41,849
$26,970

Profit per employee
MARKETLINE
Figure 20: Tata Motors Limited: revenues & profitability
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Figure 21: Tata Motors Limited: assets & liabilities
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MACROECONOMIC INDICATORS
Country Data
Table 24: India size of population (million), 200913
Year
Population (million)
% Growth
2009
1,171.5
1.6%
2010
1,190.7
1.6%
2011
1,210.2
1.6%
2012
1,226.4
1.3%
2013
1,241.7
1.2%
SOURCE: MARKETLINE
MARKETLINE
Table 25: India gdp (constant 2000 prices, $ billion), 200913

Year
Constant 2000 Prices, $ billion
% Growth
2009
1,157.2
8.3%
2010
1,266.7
9.5%
2011
1,346.9
6.3%
2012
1,408.8
4.6%
2013
1,476.1
4.8%
SOURCE: MARKETLINE
MARKETLINE
Table 26: India gdp (current prices, $ billion), 200913

Year
Current Prices, $ billion
% Growth
2009
1,339.4
10.0%
2010
1,672.3
24.9%
2011
1,829.6
9.4%
2012
1,825.4
(0.2%)
2013
2,117.7
16.0%
SOURCE: MARKETLINE
India - Trucks
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Table 27: India inflation, 200913

Year
Inflation Rate (%)
2009
10.9%
2010
12.0%
2011
8.4%
2012
10.3%
2013
10.7%
SOURCE: MARKETLINE
MARKETLINE
Table 28: India consumer price index (absolute), 200913

Year
Consumer Price Index (2000 = 100)
2009
135.7
2010
152.0
2011
164.8
2012
181.8
2013
201.3
SOURCE: MARKETLINE
MARKETLINE
Table 29: India exchange rate, 200913

Year
Exchange rate ($/Rs.)
Exchange rate (/Rs.)
2009
48.8500
67.9264
2010
45.9361
60.9708
2011
46.8466
65.1733
2012
53.6119
68.6802
2013
58.4859
77.7676
SOURCE: MARKETLINE
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APPENDIX
Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, crosschecked and presented in a consistent and accessible style.
Review of in-house databases Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLines in-house databases
provide the foundation for all related industry profiles
Preparatory research We also maintain extensive in-house databases of news, analyst commentary, company
profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market
overview
Definitions Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and
trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
-
National/Governmental statistics
International data (official international sources)
National and International trade associations
Broker and analyst reports
Company Annual Reports
Business information libraries and databases
Modeling & forecasting tools MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date
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Industry associations
Society of Indian Automobile Manufacturers (SIAM)
Core 4B, 5th Floor, India Habitat Centre, Lodi Road, New Delhi, 110 003, IND
Tel.: 91 11 24 647 810-12
Fax: 91 11 24 648 222
www.siam.in
International Organization of Motor Vehicle Manufacturers (OICA)

4 rue de Berri, 8me arrondissement, Paris, FRA
Tel.: 33 1 4359 0013
Fax: 33 1 4563 8441
www.oica.net
Related MarketLine research

Industry Profile
Trucks in Canada
Trucks in Mexico
Global Trucks
Trucks in Australia
India - Trucks
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T: +44(0)203 377 3042, F: +44 (0) 870 134 4371
E: reachus@marketline.com

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Market value forecast

Market volume forecast

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Ashok Leyland Limited ............................................................................................................................................. 21

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Table 1: India trucks market value: $ billion, 200913

Figure 1: India trucks market value: $ billion, 200913

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Table 2: India trucks market volume: thousand vehicles, 200913

Figure 2: India trucks market volume: thousand vehicles, 200913

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Table 3: India trucks market category segmentation: thousand vehicles, 2013

Figure 3: India trucks market category segmentation: % share, by volume, 2013

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Table 4: India trucks market geography segmentation: $ billion, 2013

Figure 4: India trucks market geography segmentation: % share, by value, 2013

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Table 5: India trucks market share: % share, by volume, 2013

Tata Motors Ltd

Mahindra & Mahindra Limited

Figure 5: India trucks market share: % share, by volume, 2013

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Table 6: India trucks market value forecast: $ billion, 201318

Figure 6: India trucks market value forecast: $ billion, 201318

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Market volume forecast

Table 7: India trucks market volume forecast: thousand vehicles, 201318

Figure 7: India trucks market volume forecast: thousand vehicles, 201318

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FIVE FORCES ANALYSIS

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SOURCE: COMPANY WEBSITE

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Table 9: Ashok Leyland Limited: key financials ($)

Table 10: Ashok Leyland Limited: key financials (Rs.)

SOURCE: COMPANY FILINGS

Table 11: Ashok Leyland Limited: key financial ratios

Revenue per employee

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Figure 14: Ashok Leyland Limited: revenues & profitability

SOURCE: COMPANY FILINGS

Figure 15: Ashok Leyland Limited: assets & liabilities

SOURCE: COMPANY FILINGS

0102 - 2274 - 2013

Eicher Motors Limited

Confluence Business Centre, 96 Sector 32, Gurgaon 122001, Haryana,

91 124 441 5997

SOURCE: COMPANY WEBSITE

0102 - 2274 - 2013

Table 13: Eicher Motors Limited: key financials ($)