Daikin India To Forecast $2 Billion Revenue in 3 Years

Daikin India plans to grow to a $2 billion company in the next three years.

The company surpassed the $1 billion mark in FY23. Daikin India's revenue is expected to double to $2 billion, according to Chairman and Managing Director Kanwaljeet Jawa.

For the fiscal year ending March 31, 2023, Daikin India had a revenue of Rs 8,860 crore. According to Jawa, the company sees India as its "future treasure" and expects it to be worth around Rs 16,350 crore in the next three years.

"We are now a billion-dollar company." "We now have market leadership in every segment in which we operate, including VRV, chillers, and room air conditioners," Jawa said.

Daikin joins Voltas as the second company in the cooling industry to reach the $1 billion mark.

Voltas, a Tata group company, reported a total income of Rs 9,667 crore for FY23.

Daikin Airconditioning India is a wholly-owned subsidiary of Daikin Industries, a renowned global manufacturer of commercial and residential air conditioning systems based in Japan.

In India, the company operates three manufacturing facilities, 15 sales offices, and five mother warehouses.

In India, the company has made investments totaling Rs 2,300 crore.

Daikin also intends to invest $5.7 billion in capital expenditures over the next three years in order to capitalise on Europe's demand for energy-efficient heating and India's growing air conditioner market.

This represents a 47 per cent increase over the previous three-year period.

"Demand for air conditioners [in India] is growing faster than anywhere else," said President and CEO Masanori Togawa, according to sources.

Daikin plans to double its production capacity in India by establishing a new plant in the south and is considering another in the west.

Daikin India grew by nearly 140% in the previous fiscal year.