1. Annual General Meeting
July 19, 2011
2010-11 –A watershed year
MD / AL / Annual General Meeting / 19/07/11
Ashok Leyland records
highest domestic and exports turnover!
MD / AL / Annual General Meeting / 19/07/11
Production hits all-time high at
95,337 vehicles!
MD / AL / Annual General Meeting / 19/07/11
Highest number
of products introduced!
MD / AL / Annual General Meeting / 19/07/11
Fastest ramp-up
at the Pantnagarplant!
Highest increase
in customer touch points!
The story behind this performance
MD / AL / Annual General Meeting / 19/07/11
A record year for the industry …
TIV grew by 31%
183,495
245,058
322,788
-50,000

2. 100,000
150,000
200,000
250,000
300,000
350,000
2008 -09 2009 -10 2010 -11
MD / AL / Annual General Meeting / 19/07/11
• Highest ever sales by AL –83,100 M&HCV –surpassed
2006-07 record
• 45% year-on-year growth
• Regained market share with a 2.4% point increase, to
26%
… and for Ashok Leyland
47,093
57,139
83,100
26%
23%
26%
0%
5%
10%
15%
20%

3. 25%
30%
-20,000
40,000
60,000
80,000
100,000
2008 -09 2009 -10 2010 -11
AL MS
MD / AL / Annual General Meeting / 19/07/11
All-round market share gains
Gained market share
in all segments
and in all regions
Retained leadership position in the passenger
segment: both private operators and STUs
MD / AL / Annual General Meeting / 19/07/11
Exports set new record
6812
5979
10306
08-09 09-10 10-11
Exports volume growth
• Volume growth despite Middle East collapse
• Phenomenal growth in Sri Lanka

4. • First orders received from the Ukraine
MD / AL / Annual General Meeting / 19/07/11
Win-win partnerships across Africa
Kick-started a BRT system in Nigeria
Providing technology for fleet management
This successful model to be rolled out across Africa
MD / AL / Annual General Meeting / 19/07/11
Spares business grew aggressively …
573
642
712
08-09 09-10 10-11
Rs. Cr
MD / AL / Annual General Meeting / 19/07/11
… as did the Defence business
248
200
363
08-09 09-10 10-11
Rs. Cr
MD / AL / Annual General Meeting / 19/07/11
Power Solutions Business
transforming its business model
• Telecom dropped from ~Rs. 243 croreto
near zero.

5. • Grew outside telecom space -94%
increase in non-telecom DG sales
• 100 and 160 kVA DGs launched -benchmarks in this range with 15%
superior fuel efficiency
• Introduced LeypowerDGs >500 kVA
• 24% growth in harvester engine
sales, resulting in record sales of 4,378
nos
165
221
320
243 132
11
08-09 09-10 10-11
Growth in Power Solutions
Rs. Cr
408
353
331
MD / AL / Annual General Meeting / 19/07/11
Product highlights
Highest R&D spend to Turnover
746 products launched in one year (Normally 200/year)
Apart from emissions-compliant products, an overall revamp of all
platforms in terms of performance, durability and fuel efficiency

6. Product fuel efficiency improved across the board
Fully built solutions launched in trucks and buses
MD / AL / Annual General Meeting / 19/07/11
Product highlights: Several firsts...
World‟s first in-line fuel pump engine
compliant to Euro 3 norms
First Common Rail Diesel engine in a
commercial vehicle in India
State-of-the-art SCR after-treatment from
AL‟s own subsidiary: Albonair
MD / AL / Annual General Meeting / 19/07/11
U-Truck –Ashok Leyland‟s flagship
truck platform
Innovative, future-ready platform for tippers and
tractors
India‟s first 8x4 medium duty tipper introduced
Over 1,100 U-Trucks already on the road
Flagship U-4923 declared “CV of the year”
CV of the Year
MD / AL / Annual General Meeting / 19/07/11
New passenger products …
New thrust for Tarmac coaches
Fresh introductions of School Buses on the Stag and Lynx platforms
MD / AL / Annual General Meeting / 19/07/11
Celebrating technology @ CWG

7. Ashok Leyland’s HYBUS, India’s first CNG Hybrid Plug-In Bus, was
used to move VIPs and media at PragatiMaidanduring the CWG.
MD / AL / Annual General Meeting / 19/07/11
• 25% increase of service bays in one year
• 60 touch points added in 2010-11, mainly in North India
• More touch points in North than South
• At present, 360 customer touch points and growing
15% growth in network…
MD / AL / Annual General Meeting / 19/07/11
Capacity expansion to meet
increasing demands in India
Fastest ramp-up at the Pantnagarplant Machinery
Recruited over 1,500 executives and associates
Production ramp up –achieved 60% of capacity by Mar 11
Unique initiative “BLESSING” to up-skill manpower
Substantial induction of women into the workforce
MD / AL / Annual General Meeting / 19/07/11
Capacity expansion abroad
RasAl Khaimahfacility went on stream
Initial capacity of 2,000 vehicles per annum
Work force of 230 and growing
The Financials
MD / AL / Annual General Meeting / 19/07/11
Unbroken track record of
profitability maintained

8. Rs Lakhs
2010-11 2009-10 %
growth
Net Sales / income from operations 1,111,771 724,471 53.5
Gross operating margin 121,756 76,284 59.6
Financial expenses 16,366 8,113 101.7
Net Profit 63,130 42,367 49.0
MD / AL / Annual General Meeting / 19/07/11
Performance Highlights –3 Years
08-09 09-10 10-11
R O C E (%) 8.6 13.6 18.3
Inventory Turns
(Times)
3.5 3.5 4.2
Debtors (Days) 73 25 25
Debt : Equity 0.9 0.9 1.0
EPS (In Rs.) 1.43 3.18 4.75
MD / AL / Annual General Meeting / 19/07/11
We are a 63 year young company,
and getting even younger…
>95% of sales from new products
80% of products manufactured on machines
that are less than 5 years old
55% of executives are less than 35;
50% of the network is less than 5 years old and

9. 25% of our bays less than a year old
We have invested as much money in the last 4
years as we have over the first 60 years
MD / AL / Annual General Meeting / 19/07/11
DOST JOB ONE on July 22
nd
–
to roll out by end-August
MD / AL / Annual General Meeting / 19/07/11
The launch of LEYLAND DEERE
MD / AL / Annual General Meeting / 19/07/11
Leverage synergies with Optare
The 26% stake in Optare plc gives the Company
access to frontier bus building technology
Dual marketing strategy
To drive deeper into first hemisphere markets
To introduce buses of international quality to India and
India-like markets
MD / AL / Annual General Meeting / 19/07/11
Strengthen presence in new
markets
Consolidate presence in the SAARC markets
Target markets of potential in Asia, Africa and CIS
Develop products that meet specific needs of these
markets

10. MD / AL / Annual General Meeting / 19/07/11
Quarter 1 -Financial Performance
RsLakhs
Qtr 1 Qtr 1
YOY %
growth
2011-12 2010-11 Q1
Net Sales / income from operations 249551 100.0 234798 100.0 6.3
Consumption of raw materials 179811 72.1 173460 73.9 3.7
Employee cost 24974 10.0 20250 8.6 23.3
Other expenditure 20304 8.1 17610 7.5 15.3
Gross operating margin 24462 9.8 23478 10.0 4.2
Financial expenses 5335 2.1 3162 1.3 68.7
Other income 412 0.2 535 0.2 (23.0)
Gross Profit (PBDT) 19539 7.8 20851 8.9 (6.3)
Depreciation 8466 3.4 6147 2.6 37.7
Profit from ord activities before tax 11073 4.4 14704 6.3 (24.7)
Net Profit 8625 3.5 12264 5.2 (29.7)
% of Net
Sales
% of Net
Sales
MD / AL / Annual General Meeting / 19/07/11
Highlights of Q1 performance
Revenue up despite volume drop due to pricing

11. Contained material cost –1.8% to sales
revenue lower than previous year
EBIDTA (Gross Operating Margin) marginally
better than previous year at Rs. 245 crores
Higher working capital resulted in higher
Financial Expenses
MD / AL / Annual General Meeting / 19/07/11
Investor Relations
MD / AL / Annual General Meeting / 19/07/11
MD / AL / AGM / 27/07/2010
Value-added services for
share-holders
Annual share-holders satisfaction survey
Conducted for 10 years consecutively
Responses are summarisedand reviewed by
the Share-holder/Investor Grievance Committee
of the Board
Investor Guide
Sent to every share-holder every year since
1998
Annual Reports
Disclosures beyond mandatory requirements
MD / AL / Annual General Meeting / 19/07/11
Sharing profits
Percentage

12. Year
MD / AL / Annual General Meeting / 19/07/11
Our family of shareholders
Year
MD / AL / Annual General Meeting / 19/07/11
Chosen one of the
100 Best companies to work for!
“For inspiring trust … for instilling pride”
The only manufacturing company in the list
500 companies across sectors participated
Conducted by Great Places to Work Institute in India and
The Economic Times
Top honours for Ashok Leyland
MD / AL / Annual General Meeting / 19/07/11
Innovative work to create a great workplace
Attitudinal transformation, operational excellence, continual improvements
Top honours for Ashok Leyland
Adjudged as a „Unique Company Initiative
Thank You