ABB India expects its order book to remain above `10k cr in 2023
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, says ABB India’s Sanjeev Sharma
New Delhi: 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. In an interview, 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.