Schwing Stetter Targets INR 12,000 Crore Turnover By 2030 The concrete construction equipment manufacturer company is planning to invest between INR 300 to 400 crore for its expansion initiatives
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Concrete construction equipment manufacturer Schwing Stetter India (SSI) aims to grow 20 per cent in CY 2024. "We were at INR 3,950 crore in 2022 and in 2023 we closed the year with INR 5,400 crore turnover. This calendar year we expect close to 20 per cent growth from the current level," said V.G. Sakthikumar, MD and chairman, Schwing Stetter India
The company has a target to become three times bigger by 2030 compared to its turnover in 2023. By 2030, it is targeting a turnover of INR 12,000 crore, which represents an estimated increase of over 126 per cent. "This ambitious goal reflects our commitment to sustained growth and market leadership," he said.
The chairman is optimistic about growth for the rest of 2024, "Despite being an election year, the first six months of the calendar year turned out to be positive in terms of growth. We will be doing better than what we did in 2023. In the next six months, I expect the quarter, July, August, September to be a little flat and September onwards it will again start growing. The reason for flat growth is the monsoon season; and post the budget session there will be allotment for the infrastructure industry and the growth momentum will pick up. Overall CY 2024 January to December, will be better than CY 2023," he explained.
The company's concreting products segment is the highest revenue generator for Schwing Stetter India, contributing to 60 per cent of the total revenue share. "We do a lot of trading activity where we import machinery and sell in India mostly from China. Products such as crawler crane, truck crane, well filing, trench cutter, are our core areas; we also have gone into new areas like port, travelling equipment and mining.
We started with a dump truck initiative and now we are on the verge of delivering good quantities of dump trucks. This year, our growth is both organic and inorganic," the chairman added.
The company ended CY23 with a 67 per cent growth in exports to INR 200 crore and this year it is aiming to double it to INR 400 crore. "We are expecting to double our exports compared to last year. It's the ideal time for Indian exports of construction machinery. India is the third biggest production facility in the world for construction machinery. By sheer numbers, it's the best possibility to be competitive in export as machines are made in big numbers," he added.
Explaining the expansion plans, he said that there are a lot of new product launches in the pipeline and especially in the R&D side, there will be new investments. "Currently, we see significant opportunities in the areas of training and developing a robust vendor base for new products. We are focused on collaborating with new BIZ Experiencess and business houses to share in our growth journey and collectively overcome these challenges."
Schwing Stetter India, has strategically acquired 50 acres of land and are planning to invest between INR 300 to 400 crore for its expansion initiatives. These investments will support its growth plans, enhance manufacturing capabilities and will enable it to introduce new and innovative products to the market.
