DRIVING Uae GREEN A ‘ Renewed By-Vishal. Khare! Safalniveshak.-com i) ASHOK LEYLAND Disclose. uyt.— No TE: CHAIRMAN’S MESSAGE Dear Shareholder, x 1 am happy 2s 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 © aon temsasionsoentsectiacecngtn = Coad perferinennce ‘% Increase in market share in the intermediate vehicle domain enabled by the newly introduced BOSS range * and maintaining leadership position in Sri Lanka, Middle East and Africa % Strong growth in Defence and After-market businesses 4 More than 13 times growth in prof after tox —37 Out of Azap tyoulrle. so ae eee YF yt. ow the stock, pice? I would like to extend my appreciation to the entire Ashok Leyland team for their determination and efforts to make this possible. eecy induspy has Weshouldobvousynetrestoncurisres, PCE CHCLEAL, aun ” or allow a sense of complacency to set in. With general economic conditions set to AShok. Leland 's ease further, Your Company is poised to achieve even better in all areas in the coming past LN RENAE. vyear. hap been very ‘s Your Company marches another step in 2015-16 towards the Vision of becoming * : 2 lobe player of substance, due attention wl be given to the concerns of cur VOLeABLG ww $9 tas ecosystem, especially alr pollution. It snot pleasant to read reports that Delhi's the Statues Seg ‘most polluted city in the world and India has 13 of the global top 20 polluted cities and hy not act on it as responsible corporate citizens. Cot of Recency Your Company has always been at the forefront of pioneering new technologies Baas. into the Indian market even ahead of times, whether it be in trucks or buses and ‘Annual Report 2024 - 202Revenue (Gress sales) 605310 iat Fada Destiretivenens sea 28 feietinehecs smo oo 2330 Biss ison ventories __ m0a56 10702 Tide eels ase aw GashandBanktalonces—_—«gO28B 43,408 ee ie reco a0 aia eas si3238 875 Bae 388 Reserves and surplus 729029 176,218 Shucholies nds alas esta see ast Gefeedus ay -Ret 17908 eens) 78 aan vines evar wa ‘Seetemeoro a “Teade payables Z 104,595 ‘atcinen lies ast 53 Short term provisions 19,049 i ‘arent abies tage te4513 etal 5 359,258 688,775 asicarningsPershare(®) 2783.38, Didend per share @) 120 «150 (Face value 81 each) pe Employees ruber] Tas 205 Pos Borus sue _ 8307 Veils rumbes) 5058 Eges amber) Jai 8202_ 117 Spore prs andes 74380 54584 7928 Boar 694715, 536224 Cece 54431 63,926 175721487 19050 79.969 88,506 eA 787,260 x, 13880 10020 20,65 ig 368 wep95 eat0 534226 122381 133,00 e stam tame 7551 aie Tae aeesee ae 554204 _7e3s26 908208 5308 ise sua 5207 nase 3.7 36560 T5185 211818 32 e835 ous 9410 That aw mi Tass 16 236026 214,273 353 150 1.00 1330411938 13,662 AHISTORICAL PERSPECTIVE OF THE COMPANY ESTEE wn 701 594133. s37570 . 233,76: 224,038 ‘5954 100166 98052 1203-30460 Gisss Vases Guise 905125 651850 5 a08ss a Tissot 35768 5 a) see a a0 saat 398376 427,689 352,674 469,300 10s831 1194575 Lauper 200800 1331408 Sm 26et7 76507 26507 28a S593 39smsHss0s Ags SAN 396256 na sstowuae9 5868 Bish 05595 _Ts78 T3) EE u “2737 4, 51,027 a 088 Suse a are 7668 2500 Bost Se im 73507 mas a4 c—_ Waa seo wee snasse Lishs7s 1309670 124000 1381489 2 ait a0 10) 080 08s oy ie aa Note: Though Figures forthe periods prior to 2010-1 have been reclassified rearranged / regrouped, wherever material, as per Revised Schedule Vito the Companies Act, 1956it may rot be strictly comparable wth gues for Financial yar 2021-12 to Financial year 2014-15, % Cyclicnbty Clearly seen in volume cakes, anh Roe. Se managemets talk Wghly doobthul . of ® ‘Annual Report 2014-2015 | 5 w06 101880 1186 i737! 16370 14023 79h 105194 155400 1.438 101257 9489 Goby {aisso0 aa7aoei 1229688 iaagse [0.2 20 = 0-37. 14.57. 15-47.DIRECTORS’ REPORT Performance / Operations ‘The Directors have pleasure in presenting the Annual Report of the Company, togethor withthe financial statements, forthe yar ‘ended March 31,2035, Financial Results ELakhs Eas a Peetenreratns 110,486.65 “ransiers 3) From Debenture Redemption Reserve to Statement of Profit = 1750.00 and Loss ) From Statement of Proft ‘andi Los to Debenture Redemption Reserve ©) Adjustment pursuant to amalgamation __ Proposed dividend Corporate dividend tax thereon Balance profit carried to Balance Sheet 135,169.99 Ezmnings Per Share (Face value €3/-) “= Basi and Dilated (in ®) ‘Company Performance During the year under review, your Company witnessed a modest recovery in the indian economy, enabling the product mixin the growth segments, 2 sustained focus on meeting customer requirements and inarves In network expansion 011,218 units from 8, ar, enabled by growth in target export markers sustained product improvements ‘and variants on OOST, which isthe 2™ largest player inthe Segment, Te new PARTNER range of products has also achieved significant marketshare in the 6-7 ST segment, it rst full year after launch Power Solutions Business continued to have subdued demand due t improved power availablity and slowdown in industrial / Agricultural segments. The Spare Parts volumes have bounced back due to higher demand and focused actions at improving parts avaibilty and competitiveness. 6 | Ashok Leyland Limited Highlight of performanc Management Discussion and ‘Annexure:D to this Roper Dividend The share of €3/- each) fo financial year end 1 Payment of diver is subject tothe appre Fund Raising Equity - Qualified Institutional Placement During ¥ 185,200,000 equity shares through te pr i capital of the Company stands increase from 8266 © 284.59 crore Debt Secured Non-Convertible Debentures (NCO) During the yo “ompany redeemed inf f laced in July 2010 amo Der fresh NCI issued during the v Rupee Term Loans availed from Banks tothe tune of fresh Term toa during the year 125 repaid or ppl Se External Commercial Borrowings (ECBs) During they lew, your Com instalments that fell due, equivslent te led fresh ECB Your Company ax Under ECBs were utlisod to fun expenditure program the Com a Bank of inca As at March 34, as against? Corporate Matters Human Resources People are our m engagement, devel priority, to enable achive strategy and we have made strides in each area during the a yea [Employee Involvement across nian and inte and recognition or individual and team ach another flip Chaitman’s Awards were celebrated with m fanfare with careful selection amongst highest conti initiatives by an eminent external jury panel IMPROV! signature program for crass functional teams to participate in Inpavation on an enterprise wide level reached » new benchmark with more than 10,000 participants. The BLESSING scheme at Pantnagar delivered it st 133 graduates ofthe INTTE program being hosted by your Company for stud Uttarakhand. All of them qualified the rigorous technical test for absorption into the Company’s Diploma Trainee program been posted to functions across locations for further input Selective Aisclosuie —When mit. share is Bn/rising, tery Shove the munloers. When wht Arave it Paral, trey anerd shanny deta |ANNEXURE D TO THE DIRECTORS’ REPORT MANAGEMENT DISCUSSION AND ANALYSIS REPORT ‘A. MARKET TRENDS Economy India In 2014, the global economy grew by 2.6% (United Nations WESP report 2015}. Growth was driven by developing economies, sustained growth in the United States (US) and a moderate revival Jn European Union. “The indian economy pasted 7.4% growth in the nancial year 2014-15 (Central Statistics Office 2011-12 base years, Advance Estimates) as against 6.9% in the financial year 2013-14, industrial sector gained momentum with Manufacturing, Construction and Electricity & Utilities growing by 6.8%, 4.5% and 9.6% respectively as against §.3%, 25% and 4.8% in the previous year. However mining slowed down to 2.3% from 5.4% and the Agricultural sector, ‘slowed down to 1.1% from 3.7% in the previous year. Overall Improved business sentiment, lower oll prices and policy measures helped the economy to build momentum. According to International Monetary Fund, the global economy Is expected to grow at 35% in 2015 and 3.8%in 20168. However, Global recovery will continue to be moderate and uneven. While ‘developed economies are expected to strengthen, aided by lower oil prices and lew interest rates, most emerging economies ‘are expected to slow down moderately, due to country specific Teasons-with India being an exception. The Indian economy i ‘expected to grow by 75% in 2015-16, Most economists believe that the Indian economy i at an nflexion point and is set for sustained growth in coming years. Lower oi prices, contained inflation, stable financial sector and expected policy actions will support growth tis year. Year 2015-16 also expected to see growth picking up in the mining sector, particulary Iron Ore and Cosi Downside risks include poor monsoon, increase in interest rates In US leading to capital outflow, infrastructure bottlenecks and pending steuctural reforms. ‘Commercial Vehicle Industry The 2002-03 2003-04 21 149% inthe financial year the financial year 2013-14, continued to contract b financial year 201 The Table below provides statistics 0 MANY gg37 38,709, 19% 1190 MAHCY Gopi 161909 210% 184 MANO!” gya755 20618 Buses 44/816 42,7 ny 389,434 13.4% 51,066 Lov 337,380 369,404 (CV Total 382,206 432,233 -11.6% 55,130 CV Total 614,961 622,851 in industria cons unt 015-16, as projected gro for Lv’. Given the expected grow sectors, MBHCV sales ace likely to kes financial year 2015-16. For the Automobile Manufacturers (SIA 1356159 for MBHCV's and 35% B. _ASHOK LEYLAND ~ THE YEAR (2014-15) IN BRIEF Due to its continued investments in product. Leyland increased its markets year 2014-15. Your Company sold 66, market, which included 13,151 MBMCV bu “Trucks, 28% growth in M&HCV volums ‘Company in exploiting uptuens in the MBH re in the domestic ma 20425 21033, 1004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 mTruck Bus demonstrated the 3ANNEXURE D TO THE DIRECTORS’ REPORT MANAGEMENT DISCUSSION AND ANALYSIS REPORT by rts, in particular, Your Company maintained its leadership in the Middle East and SriLankan bus segments, and aso grew in Arica. ‘Your Company has been giving consiterabie emphasis on product ‘development to meet evolving customer expectations. 8035 range: ‘ofintermediate Commercial Vehicles (\CV) has achieved leadership {in premium ICV segment. 8085 sales have significantly cont buted tothe overall market share in the ICV segment. ‘The CAPTAIN series of next generation Heavy Commercial Vehicles (HCV) has been launched in select markets CAPTAIN has established new benchmarks in reliably, performance and "ide comfort” With economic activity picking up in ron Ore and Coal ‘mining the CAPTAIN range of products are strategically positioned toexpiot growth in these sectors, In the 10x2 Mult Ale Vehicle (MV) segment, 3728 model has ‘maintained its dominant leadership positon forthe 2 year since auneh, with the customers gaining fom higher operating efficiency. +15, Your Company completed its third full year of partcpation in Lv: a ‘This vear, Your Company, in proved the range of products in 18 DOST Strong, four tyre version ‘Of PARTNERYnd an improved MiTR bus, We added around 50 touch point to the existing LCV network bringing th total to 350 touch points Nearly 100,000 nos of DOST, our premium Small Commercial Vehicle, are on the rand. In a contracting market ‘and facng tough competition, DOST maintained its marketshare ‘and sold over 25,000 nos this year. The new PARTNER range of Products (6-7.5T segment) has achieved substantial marketshare Inits fist fll year after launch, Ashok Leylond’s LV mode's are perceived tobe technologically superior to those on offer and ‘command premiums. Your Company continues to expand its ‘export markets with 51% growth coming this year. “The Power Solutions Business continued tobe affected by demand contraction, Improved power availablity, de-growth in industrial segment and the un-seasonal monsoon resulting poor harvest 2s wells poor fishing seasons pulled down the overall engines ‘demand ee inflow in workshops and compete presence in independent aftermarket helped to create 2 “pul for parts. _ he dele sess ned nena sya wth cess rmesikts patches 3 wel ae ubstantal export volumes, ‘Your Company has also won major tenders from Defence establishments with newer products this year. doing WELL; True fey most Ingian auto compan, Corperake wimber aural Mort coupaucer OF Mma Shaving what entnctty In summary, Your Company having use the recent appropriately positioned for sustainabi effectively exploit market upturn, OPPORTUNITIES AND THREATS Having lowered the breakeven pointinlst, various cost measures, any significant uptu ill significantly improve the profitability adiition, Your Company has adequate produ eet the surge in demand. Restart in mining act Stimulate tipper segment in which Your Company nas co product portfolio. Lower ol prices will continue tb Customers ang wil support faster replacement cycle growth as wellas to Enforcement of overload regulation wil ch habits and accordingly the products needs re-adjustmen retain competitiveness, Though {growth the sam: investments aided by policy action D._RISKMANAGEMENT During the year, Your Company’ rate of gro has outgrown the industry growth ate, whic though several measures implemented by th Managing risks while strates ‘outcome of these initiatives. Enhancing service cult image, new product launches, targeting new Ch particularly in the North, developing altemate Interna Markets and focusing an cost control and debt some ofthe kay rs mitgation actions ex These measures have enabled the Company Substantial reduction in interest cost. Impending legislation of emission norms and safety standar requiring enhanced investment with attendant preduct cost To address these emerging sks, proactively launched programs with strategie partners prescriptions. Other expected legsative nerm ft, are being adequately addressed through up ina fll measuze by the Company. ‘The Company i aso continually developing and laune and improves products to stay ahead of competition. In both the value and premium product segments, Your Company has ‘superior value and lower cost of ownership than the competition The Company hasan established Enterprise Rsk Manageme function that engages with all the business verticals for risk ‘assessment, ensures thatthe rsk mitigation plans ate in place and validates the risk mitigation status regularly. Aes incorporated into the corporate plans of Your Compa The Steering C sisting of core Busines vertical Heads oversees the Risk Management process including ‘is denticaton, impact assessment, effective implementation of the mitigation plans and tsk reporting. The Committee, chaired by the Managing Director, reviews on a quarterly nterprise risks tothe achievement ofthe businss objectives. The Steering committee updates the Risk Management Committee comprising of indenendent Directors and Non-executive Director an the enterprise risks an the actions taken thereon, ‘Annual Report 2014- 2015MisAshokeyland Limited Company limited by share Indian 1, Gundy, Chennai 600 032, Tamil Nadu INC Code ofthe Froduct/ service za102 sot | Applicable shares Section under held Companies ‘Usaz02TN200¢P1C052489 | Sos Fae aan ase (388 TaorTwaearanaee [Sihidary | eea7 207 | Ferennconpiny —|avecine avas [20 ‘Subsidiary [91.62 | 2187) Foreign Company ‘Associate | 49 216) [US190ITN2006PLCOS9710 | Associate 216) | Foreign Company ‘wos: 100 2187) | Foreign Company ‘WoOs: 100/187) | 'U34102TN2008PLC067839 | Subsidiary | 51 2(87)EET 26,606.60, a1g.181.53 78.43 40,676.69 237.12 736.62 315,727.70 377,350.94 15,513.03 2.535.68 $0150.08 240:531.11 100,146.29, 3,308.09 328,125.83 sear. uies7o 31 4) 125,901.05 a) a720134 17,054.50 3267374 280,799.57 ofthis Balance Sheet. Phaarai indiaSTATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2015 (Handaleone) ery Year ended March 33, 2015 Peet) _Revenve from operations Less: Bose Duty “Revenue rom operations Net) e 36 I ee 22 ee 1,368,665.49 penses _ Cost of materials consumed 23 362,663.52 24 139,18 72 Changes in inventories of finished goods, workin 2s progress and StockinTrade 26) 52058 26 118,400.38 27 "3938075 Depreciation and amortisation expense 28 4163367 “Other expenses 29 138,633.63, Total Expenses pe 2,334;539.41 1 ems and tax 34,176.08 Profit / (Loss) before exceptional items and tax ———— FF il (ow Low Lane) Earnings per share (Face value ® 1 each) - Basic and Diluted 20 {in2) [Refer Note 3.3 tothe Financial Statements] : to the Financial Statements are an integral part ofthis Statement o aon Margin - > 26¢/, 23.57, Nek Mavgin ——> 2-87. 2:37: For and on behalf ofthe Board Gopal Mahadevan Chief Financial Officer(Sarr daliove) arch31,2015 March, 2014 (9,121.89) 37,703.60, 188.01 19.08 52485 3331 73325 (3797867) (2026636) 403033 (36,870.93) 22,819.47 957.32 1 “467494 39,350.75, (2,623.69) (4,733.54) 47052) 2512.47 (93,756.72) ee siemss osm) ro: (ease) ane (2706 arian : (657494) (297407) 55/643.08 (21975.40) ~anea6 erties cenit : 7387 nents - Ecol em aes (6379250)NOTES ANNEXED TO AND FORMING PART OF THE FINANCIAL STATEMENTS er sat March Brot Bron 41.21 OTHER CURRENT ASSETS a) Interest accrued q 913.63 nt portion of unamortsed loan rasing expenses ©) _ Foreign exchange gain / (loss) on Forward es net 4) Earmarked Bank Balance in Escrow account pect of sale of long-term investment) 17,09450, ee Year Ended ee a) _ Sale of products Commercial Vehicles 4,170,648.28| 98,981.25 3.9 3615.47 41,783.9 139,169.45 050,812.88 10,248.62 3b) _Reveruetrom services ® €)__Other operating Contract manufacturing port incentives = Serapsales ce 7159.13 = Others 39.68 rr Dean aa oaaee a_ CONSOLIDATED BALANCE SHEET AS AT MARCH 31, 2015 Other long-term lablities Longeterm provisions Trade payables eutrent abilities short-term pr 7952,462.09 PTs foes Pry Peed 51,030.78 82138 i3.95822 BAT, 706.68, attest = 53866537 ———ittangbe asses 7573 ——eaptal wericin progres 1657876 tana assets underdevelopment 038.08 Sa erences! (OVEN Paget 68,565.56 7 p-current investments a0 2063707 é Deferred tax assets (Net) — Begs saneas) 217986 Tengterm loans and advanc iis 395.39433 SL other ase. = i 2 SRCEETy es “6 30029 inventories = 437 Ts664239 si Trade recehablos e 438 5537711 esha tank tances 2 503508.78 Short-term lane and advance 120 38092850 z thar Crrnt aces oe it wos? 3 a Terris EE TOTAL 2 952469 ——1753.43099 Statement on Significant Accounting Poles and Woter tothe Consoldated Fharcil Statements we sn inter mi oT oe Balance shot Gopal Mahadevan Chief Financial Officer IN. Ramanathan Company Secretary Dheeraj G. Hinduja DIN: 00133410 This isthe Consolidated Balance Sheet referred to in our report of even date. For M.S. Krishnaswami & Rajan Chartered Accountants M.S. Murali Partner For Deloitte Haskins & Chartered Accountants A Siddharth Partner May 12,2015 Chennal eae # Asroliboy Nisan Velucles —> Biggest vn Losses For and on behalf ofthe Board Vinod K. Dasari CEO and Managi DIN : co3ases7 ig Direct Sells LP May 32, 2015 Mumbai 3CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2015 Particulars or) or) CORES Cer Income Revenue from operations Less: Excise Duty Other income Total Revenue Expenses 1,157,916.90 Current tax Deferred tax 92739 eA ne 17,241.58 oft (Los) after tax before Minority interest from continuing operations —=~~«*, 397.43) ‘Share of profit of associates (net) Bi Sakae 992.43 Minority interest (33;861.88) (5,766.1) “Profit (Los WAN Wo" hell inepreeuntat 33,389.01 (26,412.24) ee ets Bae and Dilted (n®) 048, ed [Refer Note 3.3 to the Consolidated Financial Statements) ss Statement on Significant Accounting Policies and Notes tothe Consolidated Financial Statements are an integral part ofthis Consolidated Statement of Prt and Loss. a Cqros Magn ——> 39/907 Gopal Mahadevan: For and on behalf of the Board N. Ramanathan Dheeraj G. Hinduja Vinod K. Dasari Company Secretary Chairman CEO and Managing Director+ ObseRVAT ONS ee x Shap _ te: ww YS, bak went + yead joo wick # oe poets excemive. sem iy of the i po pymint oy BEACY fo Yemen cowkdlids op kuastic. KON: ave wf ey clical patina Ane ould indurby, acd hsheok's park le yy: perferucnct ge nad But it pou. were te bereve betiave tne mgt. and yeeenk perfennancer, it Ane, beginning : of aw upeycle. Tring with iwyrreve ‘oud iene Reunite. woareioc picks “p- K fook' eet formance har been betey thm nba tren it wan cones Were Aran dante Co. ig RASA ing 2B. rane of yeradler of what ie Sold mm the eo a-ys bak. 0 yoo fy —peceinet improvement. seta a seo tue nétwoyk wm South lla, bt wow SS etme mh > A good sign Nejwork Cxpanwin curing bad Aww ewieo ks fy pay fF we Wath owt (rn: cet Frew ct =pochet = Benz, M my Pores, Mi a Pistoure — No holdk Dake= [Ute Ang. 201K