Air conditioner maker Daikin Air conditioning India expects to become a USD 2-billion company in the next three years, having crossed the milestone of USD 1 billion in FY23, said Chairman and Managing Director Kanwaljeet Jawa. Daikin India has a turnover of Rs 8,860 crore for the financial year ended on March 31, 2023.
The company is looking at India business as its "future treasure" and expects it to double to USD 2 billion (around Rs 16,350 crore) in the next three years, Jawa told.
Daikin India is now the second company operating in the cooling space to cross the USD 1 billion-milestone after the Tata group firm Voltas, which had reported a total income of Rs 9,667 crore for FY23.
When asked about this Jawa said: "Yes, we are a billion-dollar company now. Now we have top shares in every segment which we operate -- VRV, chillers and room air conditioners."
"We are looking at India in the long term. We have expansion plans here to make India a manufacturing hub for Daikin for Middle East and Africa markets," said Jawa.
Over Daikin India's contribution to the parent global company, Jawa said it is still very small and still in the single digits.
"Now India is at the explosion stage and the roadmap of the entire AC industry is quite bullish. Component manufacturing has started in India in a big way," said Jawa.
He expects "10 times growth in the next 10 years time" for the Indian AC industry. With the current macroeconomic condition, and the growth of the industry with the help of the government, a "big growth" is expected.
"Before the end of this year we will start commercial production also," he said, adding, "we will start manufacturing first compressors and then air conditioners."