Companies

Schwing Stetter India guns for double-digit growth in 2021

G Balachandar Chennai | Updated on February 26, 2021

VG Sakthi Kumar, MD, Schwing Stetter India

Its order book has doubled now vs a year ago

Schwing Stetter India, a leading concreting and construction equipment manufacturer, has seen its order book doubled now compared with a year-ago period and is hopeful of achieving double digit growth in 2020 over 2018 period. Though Covid-19 impacted the businesses across segments in 2020, it was not a very bad year for Schwing Stetter. Infact, it turned out to be a third good year for the company.

“Overall, our decline was just 9 per cent in 2020, as compared to 2019, which was not a good year due to Lok Sabha elections. Things started to improve from second half of 2019 as the Centre pumped in money into infra-activities to reboot the economy. Though we lost nearly three months of production due to Covid-19 in 2020, we were able to make out 91 per cent of previous year’s business in the calendar year,” VG Sakthi Kumar, Managing Director, Schwing Stetter India told BusinessLine.

He pointed out that construction activities across three major segments revived the momentum and demand. Barring Salem and Bengaluru highway projects, road projects in other States progressed well. Also, metro rail projects across cities and RVNL’s (Rail Vikas Nigam Ltd) connectivity projects spurred the demand.

Healthy order book

The company has been witnessing surge in enquires as several infra orders are getting finalised. “Our order book is healthy now. Our backlog orders have doubled now when compared with a year-ago period,” said Sakthikumar.

In 2018, the company achieved a revenue of about ₹2,050 crore. If there is no second wave of Covid-19 in India in the coming months, the company is confident of recording double digit growth in 2021 over 2018 in terms of revenue as compared to 2019 (around ₹1,700 crore) and 2020 (yet to be disclosed).

Published on February 26, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like