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Godrej & Boyce plans to double revenue in next 3 yrs, eyes India’s EV sector growth

Godrej & Boyce plans to double revenue in next 3 yrs, eyes India’s EV sector growth

| @indiablooms | 13 Jun 2024, 10:22 pm

Mumbai: Godrej & Boyce on Thursday announced that its motor components business is targeting to double its revenue to Rs 1000 crore within the next three years, with 50% of the revenue coming from India, and the remaining targeted from exports.

This growth is driven by the transition of the automotive industry towards electric motors, as well as the regulations in emission policies, the company said in a press release.

India's overall EV penetration is projected to surge exponentially by 2030, driven by strong adoption across two-wheeler, three-wheeler and four-wheeler segments, presenting a revenue opportunity exceeding $100 billion for the Indian EV market.

“Godrej & Boyce recognizes this seismic shift towards electrification. With its deep expertise in precision engineering and component manufacturing, the business is strategically positioned to cater to the evolving needs of EV customers across different segments,” the company said.

The business understands the requirements of the electric motors ecosystem, and has a demonstrated expertise in designing and developing motor components, serving industries such as robotics, automation, off-road vehicles, and actuation, Godrej & Boyce added.

Xercsis Marker, Executive Vice President & Business Head of the Motors Business, Godrej & Boyce, said, “Our in-house capability to exceed normal quality standards, along with our expert technical engineers, uniquely positions us for this task. This achievement underscores our commitment to providing high-quality, precision-engineered components that meet the evolving needs of the global automotive industry. Apart from the projected growth in India, our presence in the European market will also help us expand our customer base and create new opportunities for our business.”

The business supplies lamination and components, including motor stator-rotor stacks, wound stators, die-cast rotors, end-shields and also produces complete assembled motors for actuation applications for some customers.

It has also obtained necessary certifications, including VDA 6.3 certification for the automotive industry.

Products by the motors business have been manufactured using the latest technology and have been specially designed to provide high levels of efficiency and durability.

With India poised for growth in the automotive sector, Godrej & Boyce aims to capitalize on this trend.

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