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Engineering MNCs push exports from India, gain big

Date: 19-02-2020
Subject: Engineering MNCs push exports from India, gain big
Global engineering majors HoneywellNSE 0.09 %, ABBNSE 1.89 % and SiemensNSE 1.06 % are gradually making India into a manufacturing and exporting base following the promise of cost advantages.

The rising focus on exports may also be value accretive to their shareholders. Honeywell Automation India, which generates nearly half of its revenue from exports compared with one-third in FY16, has gained fourfold on bourses in the past three years.

ABB India and Siemens now generate 18 per cent and 21 per cent revenue from exports, respectively. The aggregate exports from these three India-listed companies have grown at over 15 per cent in the past five years. The recent corporate tax cuts and the government’s focus on garnering foreign direct investment are expected to further boost manufacturing in India by multinational companies.

Honeywell’s export grew by 24 per cent annually between FY16 and FY19. In the first nine months of FY20, its revenues grew 9 per cent while earnings grew by 38 per cent driven by exports.

Exports of ABB India grew 55 per cent in CY19 compared with 9 per cent growth in the previous year. It demerged its power grid business at end of 2019 to focus more on export-oriented products and services businesses. For Siemens, exports grew 24 per cent annually between FY16 and FY18. According to FY19 annual report, exports growth was slower than previous two years.

Source: economictimes.indiatimes.com

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