India to be in our top three growth regions by 2028: Danfoss India prez

The Indian market is poised to be among the top three growth regions for Danfoss globally, and the company will continue investing Rs 1,000 to Rs 1,200 crore over the next three years to drive localisation, a top official of Danfoss India, a wholly owned subsidiary of the Denmark-based Danfoss Group, said on Tuesday.

Currently, the Indian subsidiary has moved into the top six in Danfoss' global rankings, recording strong double-digit growth in 2024, Danfoss India President Ravichandran Purushothaman said in a company statement.

On Tuesday, Danfoss announced its financial performance, reporting sales of Euro 9.87 billion, with an operational EBITDA (earnings before interest, taxes, depreciation and amortization) margin of 11.3 per cent.

"I am excited about our strong performance in Climate Solutions and Drives, particularly in high-growth markets such as data centers and marine electrification. We have maintained high investment in innovation, driving competitive solutions. I am proud of our team's resilience, determination and exceptional talent," said Danfoss President and CEO Kim Fausing.

He added, "I thank our customers and partners for their trust and collaboration. Despite global uncertainties, we remain committed to our long-term growth strategy, firmly believing in Danfoss' prospects."  Sharing some key highlights for India, the company stated that Danfoss India recorded the highest positive growth in the region last year and will continue investing Rs 1,000 to Rs 1,200 crore in localisation over the next three years.

Ravichandran Purushothaman said, "With strong double-digit growth in 2024, Danfoss India has climbed to the top six in Danfoss' global rankings this year. With additional investments in capacity expansion, deep localisation, expanding our sourcing footprint, and enhancing our local supplier ecosystem, India is on track to become one of Danfoss' top three growth regions by 2028."  He added, "We are also expanding our channel business to 80 cities and increasing our investments in partnership with key stakeholders. I am proud of what our team has accomplished this year."  "As we look ahead, we are excited about India's potential for sustainable growth. Our commitment to reducing carbon emissions and promoting energy efficiency aligns with the country's ambitious sustainability goals," Purushothaman further said.