Noticed the O/D light blinking therefore took the vehicle to an electrician.
ATF was changed less than 10,000 kms back.
The vehicle uses OBD1 diagnostics whereas OBD2 scan tools are mostly available these days. As an alternative to a scan tool, Diagnostic Trouble Codes (DTC) are manually extracted as follows:
Retrieving Engine Codes
In case of a Check Engine Light, Data Link Connector 1 (DLC1) which is usually located in the engine bay, is used in a way that its terminals TE1 and E1 are connected with a small jumper cable and number of flashes of CEL are counted for the first digit of DTC followed by a brief pause for the second digit. During this time ignition is switched ON.

Retrieving Transmission Codes
For transmission codes gathering the connector used is DLC3 (located under the dash) with TC and CG connected and O/D button pressed. The number of flashes of O/D light gives the first digit of DTC, followed by a brief pause and then the second digit is similarly retrieved by counting the number of flashes.
Images taken from the web
Following are the transmission codes:
11 – Norm
37 – Input speed sensor for automatic transmission (P1705)
38 – The gauge of temperature of a working liquid АКПП
42 – Speed sensor (or output speed sensor) (P0500)
44 – Speed sensor (or rear output speed sensor)
46 – Pressure accumulator pressure control solenoid (P1765)
61 – Speed sensor (or front output speed sensor)
62 – Solenoid No. 1 (P0753)
63 – Solenoid No. 2 (P0758)
64 – Torque converter lock solenoid (P0773)
67 – Input speed sensor for automatic transmission
68 – Torque converter clutch control solenoid
73 – Interaxle differential lock solenoid
Source: https://carmanualshub.com/toyota-hilux-fault-codes/
DTC 42
For my vehicle the DTC came out to be 42.

As the description above shows, there is a VSS in the combination meter, which can be faulty or the wiring harness. In my case the VSS was working and so was the speedometer and odometer, however the speed signal could not pass on from the speedometer to ECU as was checked by the electrician. Ultimately, wiring turned out to be faulty, which was repaired and error code cleared.
I shall try to find an extract from the service manual and post here.