Hitachi Vantara India aims to achieve at least 50 per cent growth in 2023, double its revenue by 2024, and achieve a minimum 20 per cent revenue growth per year until 2030 in India.
The company sees growth potential in hybrid cloud, portfolio expansion beyond storage, and expansion via its partner ecosystem, while retaining its position in the banking sector.
Hitachi Vantara recorded a 63 per cent year-on-year (YoY) revenue growth for its data infrastructure business in India in FY22, with 108 per cent growth in its product revenue.
In Q1 FY23, it clocked 55 per cent YoY revenue growth while its product revenue rose by 88 per cent. In this quarter, services revenue also saw 16 per cent YoY increase.
Hemant Tiwari, Managing Director, India, Hitachi Vantara said, “As Digital India continues to gain momentum, we have witnessed tremendous growth for our business. With significant investment in India’s data centres, we envision unique opportunities by collaborating with cloud service providers.”
Hitachi Vantara India will focus on accelerating hybrid cloud technology and expanding its sustainable product portfolio. Recognising India’s six per cent economic growth potential in 2023, it will continue to invest and expand in the country. One-third of the global workforce is currently based in India and we will keep expanding our workforce in the coming years, he added.
In FY22, the company’s Enterprise business revenue witnessed a 41 per cent YoY increase. The commercial business revenue hiked by 203 per cent, highlighting the company’s expansion and impact in both the Enterprise and Commercial segments of customers, said the company.
Hitachi Vantara India also signed a Memorandum of Understanding (MoU) with Hitachi India and Central Manufacturing Technology Institute, Government of India, (CMTI), to strengthen the Indian manufacturing industry through smart manufacturing and IoT practice.