thyssenkrupp aims for Rs 3k cr top line in FY23

KOLKATA: Capital goods and engineering major thyssenkrupp Industries India on Sunday said demand in core sectors will remain robust amid inflationary headwinds in the next 2-3 years.

At the same time, the company also urged the government to consider extending production-linked incentives (PLI) scheme to basic industries to boost output and employment in the country.

The national infrastructure policy will help the country achieve an economic output of $5 trillion by 2025 despite the complex global environment, a senior company official said.

“Despite the complex global environment, we are optimistic about India’s growth given the government’s strong focus on infrastructure and a positive business environment. We are confident of achieving 15-20 per cent year-on-year growth in the next 2-3 years on the back of a strong order book,” thyssenkrupp Industries MD-CEO Vivek Bhatia said.

“We expect to end the year with a turnover of around Rs 3,000 crore in the current fiscal, a 20 per cent increase over last year. Inflation has impacted costs by 8-10 per cent affecting margin,” he said.

He pointed out that all the veticals of the company - mining and material handling, energy and boilers, cement and sugar factories, and operations and management (O &M) contracts, are doing well.

The company is also active in the manufacturing of boilers, cement and sugar factories. Mining and material handling contributed to nearly 30 per cent of the Rs 2,500 crore in FY22.

“We have formed a new team to drive automation and digitisation in the business and identified certain products and areas to concentrate on. Although the actual deployment may take 1-2 years, the company is testing its efficacy in terms of customer benefit,” Bhatia said.