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.
Waters Corporation Inc (WAT, m-cap: $20.6 billion)
The American analytical laboratory instrument considers India to be a major growth engine, especially in generics and testing services:
“…India team delivered revenue growth close to 20 per cent… additional 70-100 basis points from growth in India… strong role in supplying generics to the rest of the world.”
Bentley Systems, Inc. (BSY, m-cap: $14.6 billion)
The American-based software development company described India as the main growth driver in Asia Pacific, led by infrastructure and talent:
“…India was again the main growth driver… massive investments by the Indian government… global firms outsourcing to structural engineering in India.”
EPAM Systems (EPAM, m-cap: $10.2 billion)
India continues to be a key growth and talent hub for the American software company:
“…strong demand for our product engineering offerings… deepening relationships with global capability centres… net head count growth continued in Q1.”
Crocs Inc (CROX, m-cap: $6.2 billion)
India is rising as a manufacturing and export base for the global footwear company:
“…13 per cent of the US sourcing from India… now have adequate production for both Crocs and HEYDUDE in India… become a more significant manufacturing hub and export market.”
NCR Atleos Corporation (NATL, m-cap: $1.9 billion)
India is becoming the primary hardware sourcing base for the American financial technology company:
“…about 90 per cent of the hardware is going to be imported to the US from India… also looking to locally source parts in India.”
Ceragon Networks (CRNT, m-cap: $197.5 million)
India remains the network equipment vendor’s largest and fastest-growing market, driven by tech demand:
“…revenue in India up 65 per cent YoY… broad-based demand… market share in India means everything… new product to meet performance and cost needs of India’s telecom market.”
Legrand SA (LR, m-cap: €26.5 billion)
The French industrial group discussed India’s play as a growing role in Legrand’s supply chain and data centre business:
“…relocate some purchasing from China to India… data centre market in India is growing nicely… building side is quite soft but expected to accelerate.”
CIE Automotive SA (CIE, m-cap: €2.9 billion)
The Spain automotive supplier noted India’s vehicle production growth supports the company’s operations:
“…growth of 1 per cent in the production of passenger vehicles… one of the two highest volume quarters expected in 2025.”
RHI Magnesita NV (RHIM, m-cap: £1.5 billion)
The supplier of refractory products noted India’s refractory market is under pricing pressure, but RHI opts for M&A-led growth:
“…pricing pressure most intense in India… too much new production capacity… we choose instead to grow through M&A.”
Elopak ASA (ELO,m-cap: Nkr12.2 billion)
The global supplier of carton packaging doubled capacity in India, which drove strong revenue growth:
“…revenues grew 60 per cent… fuelled by investments that doubled capacity… continued strong demand in India.”
Kongsberg Automotive ASA (KOA, m-cap: Nkr1.3 billion)
The Norwegian auto parts manufacturer is relocating to a new facility in India to scale up and boost competitiveness:
“…relocating operations in India to new state-of-the-art plant… increase local capacity… improve operational performance… potential to serve other markets from India.”
Published on May 10, 2025