New Delhi, Feb 12: Electrification and automation major ABB India is expecting that its order book will remain above Rs 10,000 crore and grow further in 2023 in view of momentum in the market, says a top company official.
ABB India achieved a significant milestone in order booking by reaching Rs 10,028 crore in calender year 2022 and Rs 2,335 crore in the fourth quarter (October-December) of 2022.
Talking to PTI, country head and managing director of ABB India Sanjeev Sharma said, “Our target is not to fall below Rs 10,000 crore order book where we reached today.”
Explaining about the expectation, he said that he is thinking so because the momentum is there in the market and geopolitical reasons are in favour of India as one such factor is high energy prices in Europe.
He said, “We will keep the momentum of Rs 10,000 crore order book in 2023.”
The company has said in its recent business outlook that the impact of the government’s capital expenditure led recovery schemes and infrastructure focus are likely to continue the momentum in the company’s identified growth segments, including transportation, data centres, electronics, warehousing and logistics, water, renewable, food and beverage, pharma and healthcare, automotive, etc.
India continues to be a fulcrum of stability with relatively lower inflation rates, stable commodity prices, rising private consumption, and the much-awaited gradual revival of private capex, it has stated.
The various government measures and central bank policies are likely to provide a cushion against global spill-overs of geopolitical dimensions, global trade and forex volatility, and supply chain constraints, it has also stated.
Sharma stated that the segments like electronics, railways & metro, data centres, warehouse & logistics and renewables are growing at the high rate of 15 per cent and above level in the company’s business.
Similarly, he told that the food & beverage, pharma & healthcare, water & wastewater and automotive segments are growing at a moderate rate of 10 to 14 per cent.
The segments with moderate to low growth rate of company business are those with below 10 per cent rate.
These are power distribution, rubber & plastics, buildings & infra, cement, oil, gas & chemicals, metals & mining, marine & ports, pulp & paper and textile.
ABB India CFO T K Sridhar stated, “We expect to maintain the order momentum (of Rs 10,000 crore) in 2023 backed by food & beverages as this segment is modernising itself.”
He informed that rice mill owners have recently expressed their willingness to use technology to modernise operations for making that energy efficient.
“Electronics is another sector driving business for us. In electronics, mobility solutions, which is phones and medical equipments,” he stated.
He also talked about the dairy industry (in south India), which is also looking at how they modernise themselves in terms of quality, packaging, etc.
Data centre is also another promising segment, which will grow faster, he opined.
ABB is a technology leader in electrification and automation, enabling a more sustainable and resource efficient future.
The company’s solutions connect engineering know-how and software to optimise how things are manufactured, moved, powered and operated. (PTI)
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