Industrial Automation Magazine India

Danfoss India records double-digit growth in H1

Published on : Saturday 21-08-2021

Danfoss growth strategy is driven by energy-efficient, low emission and electrification solutions, and unmatched innovation and R&D capabilities.

August 20, 2021 – Danfoss in India region has recorded an extremely strong sales growth in H1 2021, driven by increasing demand for its products and service. Expanding sales footprint, increasing channels, robust recovery in Tier II and III cities, coupled with innovative applications and localization initiatives, is driving this momentum. The demand for energy efficiency, energy storage and electrification portfolio, is leading our sales.

Key figures for first half of 2021:

·         Sales grew 18% against H1 2020.

·         Operating profits (EBITA) increased by 45% against H1 2020.

·         Net profit was EUR 286 million (H1 2020: 164m), 74% better than in the first half last year.

·         Cash flow from operating activities before M&A increased to EUR 63 million (H1 2020: EUR 33m).

·         Danfoss India has recorded double-digit growth in H1 with strong pipeline of projects and orders in H2.

·         Investments in innovation (R&D) reached a high level of EUR 154 million (H1 2020: 130m), corresponding to 4.7% of sales (H1 2020: 4.6%).

·         The top priority remains the health and wellbeing of employees who continue to navigate the challenges created by the pandemic while delivering strong results.

Danfoss India is bullish on crossing INR 2,000 crores turnover by the end of the year with capex cycle pickup in core Industry and PLI schemes launched by the Govt of India. This growth is supported by its strong employee base across the country, which has crossed 2000+ this year.

“India is an important market with significant growth potential for Danfoss. We continue to invest in the country and cater to the evolving needs of our customers. With good results witnessed across all our segments, we are quite confident about ending the year on a high note. Our aim is to establish India as one of the top 5 markets for Danfoss globally, in the coming years”, said Ravichandran Purushothaman, President – Danfoss India.