Broad-based growth across market segments and geographies, including some of the newer segments, will drive ABB India Ltd.'s performance in 2024, according to Country Managing Director Sanjeev Sharma.
"We see a very positive market in multiple segments going into 2024 and that there is a lot of commitment from the government to spend capex," Sharma told NDTV Profit in an interview. He also sees the formation of multi-tier expansion in tier-2 and tier-3 cities.
"A couple of years ago we were coming out of Covid, so there was a bit of pent-up demand at that time, and that is something we picked up, so a few quarters represented that, but after that, the good decisions taken by the government on monetary and fiscal policy started showing up in the growth," Sharma said.
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Fundamentally, the industry is shifting to newer market segments, according to him. These include data centres, renewables, electronic manufacturing services, and manufacturing automation.
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The sophistication of electronics manufacturing, not only for domestic consumption but also for export, the demand for precision engineering from global players, electric vehicles, and robotics and automation, are also gaining traction, he said.
For ABB, all market segments are in a sweet spot, as its core portfolio is in the energy efficiency area, Sharma said. For that, large industries and even the government are spending quite a bit, he said.
(Source: Company Website)
The company's business model will remain resilient beyond 2024 due to its presence in so many market segments, he said. The company is very positive unless there are fundamental changes in the economy, Sharma said.
"Everything getting electrified is a big thing, as our product portfolio is well aligned with that theme, which is happening globally as well as in the country."
Automation and robotics in manufacturing, automated and energy-efficient buildings, and sustainability will drive the company's future growth, according to Sharma.
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