Schwing Stetter India eyes doubling exports in CY24

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Schwing Stetter India is bullish about the short and long-term growth prospects for CY24, said Managing Director and Chairman V. G. Sakthikumar
| Photo Credit: Special Arrangement

Schwing Stetter India unveiled 31 new products for several sectors during the recently concluded Excon 2023 in Bengaluru.

Schwing Stetter India unveiled 31 new products for several sectors during the recently concluded Excon 2023 in Bengaluru.
| Photo Credit:
Special Arrangement

Concrete construction equipment manufacturer Schwing Stetter India (SSI) plans to double its export turnover to ₹400 crore for the calendar year 2024 and achieve double-digit growth in the next few years, said a top company official.

“We will be ending CY23 with a 67% growth in exports to ₹200 crore and we are aiming to double it to ₹400 crore for the following year,” said MD and Chairman V.G. Sakthikumar during an interaction.

According to him, the company has on-hand export orders valued at ₹200 crore to be executed over the next six months.

The company exports products to more than 50 countries. Currently, exports account for 4% of the total turnover and it might touch double-digit figure in the next couple of years.

SSI, meanwhile, is likely to end CY23 with a turnover of ₹5,353 crore against ₹3,945 crore registered in the year-earlier period, with a year-on-year growth of 36%.

“While the industry grew by 15%, we grew by 2.5 times. In fact, most of the construction equipment manufacturers have now reached the pre-COVID peak sales volume of 2018, whereas, we are ahead of the curve and have been growing at brisk pace for the last three years,” he said.

He attributed the growth to continued R&D investments, unwavering focus on long-term growth plans, portfolio expansion across key industries and markets, and the determination of employees to perform and grow.

“Demand for our construction and concreting equipment machinery has been increasing at a stellar rate since the pandemic; the record volumes over the years were possible because of the stimulus measures put in place by the Centre to boost infrastructure development in the country,” he said.

Asserting that they are bullish about the short and long-term growth prospects for CY24, he said that the company might not witness same kind of growth as it is an electioneering year. However, it would be compensated by exports.

While mentioning that they introduced 31 products for several sectors during the recently- concluded at Excon 2023, he said: “As we add more product categories due to robust demand, we will soon become a one-stop shop for customers in the construction industry.”

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