Hercules to move into cranes segment19 August 2011
Instead of developing its Mulund facility as some have speculated, it has for two years been shifting production to a modern plant in Khopoli. From this plant it will strengthen exports and expand distribution in India. The company views this as a key part of its growth strategy. In FY2010-2011 results, it described its aims to export its products in the Middle East, U.S.A. and neighbouring countries, and to move from hoist production into India’s ‘large’ crane market, stating it is exploring options.
Speaking at the recent AGM, reported by India Info, Bajaj noted that the modernization of the Khapoli plant will allow the company to ‘venture aggressively’ into its export markets. This year, the company had a presence at ProMAT in the USA.
Q1 2012 results show revenues from material handling equipment rising to INR288.9m ($6.31m) from INR277.2m ($6.06m) this quarter from the same quarter the previous fiscal year. In 2010-2011 it used 13,242 electric motors, a good indicator of the number of completed hoists sold, up from 12375 in 200. Bajaj anticipates that sales will grow by around 15% in FY 2012 while order backlog will shrink due to modernised manufacturing processes.