With India being the fastest-growing large economy, ‘what is your India plan?’ is a common topic in boardrooms of most global corporations. One important source to distil their India plans is from their quarterly earnings calls. With the March quarter having just started, we will bring to you what CXOs of global corporations are saying about India and their perspectives and plans during this earnings season in this column. Here are some from companies that reported their earnings last week.
Tesla Inc (TSLA, m-cap: $807 billion)
The automotive company led by Elon Musk discussed its entry hurdles and long-term potential:
“…we’ve been working on getting into India. India is a very hot market… 70% tariff and 30% luxury tax… it would be a great market to enter because India has a big middle class…”
Philip Morris International Inc (PM, m-cap: $262 billion)
American multinational tobacco company noted sustained volume gains in markets like India:
“…continued growth in markets where smoke-free products are not permitted, such as Turkey and India.”
Otis Worldwide Corporation (OTIS, m-cap: $37 billion)
The elevator and escalator manufacturing company underscored robust order growth and landmark projects:
“…orders growth greater than 20%, primarily driven by India… secured a landmark contract to supply over 470 elevators and escalators to the Prestige group…”
TransUnion (TRU, m-cap: $16 billion)
The American consumer credit reporting agency expressed optimism about India’s improving credit environment and growth outlook:
“…we are selling particularly well in India… guiding to 10% growth… expect reacceleration quarter-by-quarter… the RBI’s posture… supports increased consumer lending activity.”
Enphase Energy Inc (ENPH, m-cap: $6 billion)
The American energy technology company highlighted strong product fit and expanding shipments in India:
“…sales of our IQ8P microinverters continue to grow, and we are also shipping our batteries into the region…”
GATX Corporation Inc (GATX, m-cap: $5 billion)
The leasing company emphasized India’s resilient infrastructure outlook:
“…in India, infrastructure development needs remain so strong… unlikely to alter the long-term outlook for infrastructure investment.”
IMAX Corporation Inc (IMAX, m-cap: $1.3 billion)
The production theatre company spotlighted India’s blockbuster potential:
“…in India, War 2 has the potential to join the ranks of India’s biggest blockbusters… such well-established markets are building bankable and often exportable franchises to rival Hollywood releases.”
USANA Health Sciences Inc (USANA, m-cap: $479 million)
The health and wellness company remains upbeat on India’s future growth momentum:
“…India is still a promising market for us… we have a lot of energy and emphasis… to see it start to pick up its growth momentum.”
Sify Technologies (SIFY, m-cap: $299 million)
The IT firm positioned India as today’s tech growth hub:
“…India’s emergence as a global growth hub is no longer a forecast… test bed for emerging technologies such as AI, 5G and cloud… demand still exceeds supply in the market.”
Unilever PLC (ULVR, m-cap: £120 billion)
The British FMCG giant reaffirmed India’s strategic importance and resilient growth outlook:
“…India… a very strong business for us… gaining shares for the last 3 years… we are well positioned… very confident, both on the growth profile as well as on the margin profile for India.”
Reckitt Benckiser Group plc (RXT, m-cap: £31.8 billion)
The British multinational consumer goods company highlighted strong category performance and volume growth in India:
“…India also performed well, up high single digits, driven by strength in Dettol and Harpic… Our Dettol franchise is gaining share and is doing well in a place like India…”
Nokia Oyj (NOKIA, m-cap: €25 billion)
The Finnish telecommunication company noted renewed growth and infrastructure-led momentum in India:
“…strength in India… mainly driven by network infrastructure… fixed wireless access demand… India also grew in mobile networks and cloud and network services.”
Accor SA (AC, m-cap: €10 billion)
The French hospitality company emphasized its renewed expansion efforts in India:
“…announced a significant breakthrough in 2 high-growth markets in India… strengthened partnership with InterGlobe and Treebo to jump start our development…”
OPmobility SE (OPM, m-cap: €1.4 billion)
The French automotive supplier emphasized its long-term commitment and expansion plans in India:
“…we will open a new factory in India this year… expanding our footprint with the building of 2 new plants… confirming a strong momentum in this fast-growing market.”
Contributed by: NAFA Asset Managers
Published on April 26, 2025