Tata Hitachi upbeat about growth, aims for 15-20% revenue jump in FY23

Construction machinery major Tata Hitachi says aiming for 15-20 per cent growth in revenue this fiscal

Leading construction machinery major Tata Hitachi was aiming at 15-20 per cent rise in revenue in the current fiscal, a top company official said.

The company had clocked a revenue of close to Rs 4,000 crore during FY'22.

"The growth in volume terms will be around 10-12 per cent, while value growth is likely to be close to 15-20 per cent as the demand growth was more from the high value mining equipment," Tata Hitachi managing director Sandeep Singh said on the sidelines of CII organised IMME 2022 here on Thursday.

Demand from the infrastructure sector was growing at around 12-15 per cent, while the growth from the mining sector was close to 20-25 per cent.

Tata Hitachi has renewed its focus on the mining sector and has launched dumpers to offer a full solution for the sector that is poised at tremendous growth with the entry of the private sector in mining.

"Mining currently accounts for around 8 per cent of our in volume terms but expect the share of mining to go up to 15 per cent in volume terms over the next three years," Singh said.

He said the company is working on growing exports in new geographies like the Middle East and Africa after the neighbouring countries have slowed down imports due to economic reasons. Exports currently account for around seven per cent of its total business.

"The share of exports should increase to close to 10 per cent of our total business in the next three years," he said.

Hitachi owns 60 per cent in the JV with Tata and it has two manufacturing facilities in Dharwad and Kharagpur.