Chennai, Jan 7 (IANS): Commercial vehicles major Ashok Leyland Ltd. is confident of out-performing the industry this fiscal in terms of sales volumes while maintaining its market share of around 26-27 percent, a top company official said.

He also said the company is also hoping to close the year with a debt:equity ratio of 1:1 reducing the overall debt and also looking at cheaper debt options.

"We are confident of out-performing the industry this year. The industry is targeting 10 percent growth," Vinod Dasari, managing director, told reporters here Wednesday on the sidelines of an event.

He said the company will maintain its market share of 26-27 percent in the medium and heavy commercial vehicle (M&HCV) segment.

The focus is not on capturing market share as we would be losing money in the end, he added.

According to him, the company has logged good growth in the eastern India.

Dasari said the fourth quarter is expected to be better one as Ashok Leyland is getting good traction with demand for cement, white goods and tanker segments are picking up.

For the period April-Dec 2014 Ashok Leyland has sold 70,743 units (M&HCV and light commercial vehicles) up from 63,294 units during the same period the previous year, logging 12 percent growth rate.

In the M&HCV segment, the company has logged 24 percent growth between April-Dec 2014 over comparable period the previous year however the growth has been negative in the LCV segment.

Dasari said the expansion of sales network by around 200 outlets in the last couple of years has resulted in better volumes for the company.

According to him, the company's focus was reaching out to newer markets.

Towards that wherever third party dealers were not available, group company Gulf Ashley would pitch its dealership tent. So far 14 such dealerships have been opened and all are profitable, Dasari said.

Queried about the recovery in the LCV segment Dasari said it is expected to happen next fiscal and the vehicles are largely operated by individuals who will wait for growth signs.

On the debt rejig, Dasari said the company is opting out of short term debt and is also looking at cheaper debt options.

The company is in course to achieve a debt: equity ratio of 1:1 by the end of this fiscal.

As a debt reduction measure, Ashok Leyland has been selling its non-core assets and raised funds from qualified institutional placement (QIP) issue.