Ashok Leyland, the second largest commercial vehicle (CV) manufacturer in India, has outpaced the industry with respect to domestic volume growth for the ninth quarter in a row. Company's overall revenues have grown by 10 percent, Gopal Mahadevan, Chief Financial Officer of Ashok Leyland told CNBC-TV18. CV industry is one of the fastest growing sectors in India and expects Q4 of the fiscal year 2016-2017 to be very strong. Mahadevan expects to meet, if not beat, the industry growth rate target of 15-20 percent going forward. He doesn't expect to see pressure on margins even if raw material prices were to harden. But he will keenly watch the movements in this regard. On exports, he said he is not too concerned but expects to see pick-up in Q2 of the current fiscal year. "We have had a very healthy growth in the intermediate commercial vehicle (ICV) and we are still to launch two new vehicles -- one is truck, Guru, and the second one is the school bus that has just been launched. We believe that these two products should get our shares up in the ICV market," he added.
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