CHENNAI: Hinduja Group flagship company Ashok Leyland has lined up 5-6 product launches this year in the light commercial vehicle segment, a top official said here on Friday.

The city-based medium and heavy commercial vehicle maker has earmarked Rs 500 to Rs 700 crore as capex for this financial year, MD-CEO Shenu Agarwal said.

Ashok Leyland earlier in the day reported a 16.73 per cent increase in consolidated net profit at Rs 933.69 crore in the January-March 2024 quarter as compared to Rs 799.87 crore registered in the same period of last financial year.

''FY'24 has been a record year for Ashok Leyland. We have achieved an all-time high,whether it is in revenues, growth, EBITDA margins or profits, we have achieved an all-time high number in FY24,'' company chairman Dheeraj Hinduja told reporters.

Agarwal, responding to a query, said the company has planned to launch 5-6 new products under the light commercial vehicle segment this month.

''Starting from May, every alternate month we are going to launch a new product (under LCV segment),'' he said, but declined to elaborate on the product specifications.

Hinduja said, ''We are looking at expanding our LCV product portfolio to cover at least 70-80 per cent of the market share in the next few years. The LCV presents a huge potential for us to grow our CV volumes in the future.'' Ashok Leyland would also launch the electric vehicle IeV 3 under the company's subsidiary Switch Mobility, he said.

''In March, we launched the IeV 4 light commercial vehicle. We will be launching IeV3 in the next few months,'' he said.