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With India being the fastest growing large economy, ‘what is your India plan?’ is a common topic in boardrooms of most global corporations. One important source to distil their India plans is from their quarterly earnings calls. With the March quarter earnings season still in progress, we will bring to you what CXOs of global corporations are saying about India and their perspectives and plans during this earnings season in this column. Here are some from companies that reported their earnings last week.
Marks and Spencer Group Plc (MKS, £7.8 billion)
M&S is resetting its India business with new leadership and strategy:
“…sales were down due to performance in India… we are resetting our joint venture under new leadership… updating commercial terms to invest in style and value across markets.”
SSP Group Plc (SSPG, £1.4 billion)
India delivered strong performance and the London operator of food and beverage outlets is progressing toward a market listing:
“…strong trading in key markets, including India… preparing for IPO in India… received regulatory approval… aim to complete IPO this summer.”
SFC Energy AG (F3C, €373.3 million)
The German manufacturer of hydrogen fuel cells described India as a model for SFC’s localised production and market adaptation:
“…strong momentum in Germany and India… momentum in India supported our defence and public security business… successfully localised assembly to navigate protectionist policies…started local assembly and supply chain setup.”
Safe Bulkers Inc (SB, $371.4 million)
India’s industrial and economic growth is supporting the dry bulk transportation company’s demand:
“…India projected to see fastest growth among major economies… expanding market and manufacturing to contribute positively to dry bulk demand.”
ICL Group Ltd (ICL, $8.2 billion)
The Israel-based global specialty minerals company reiterated India as a key export market under long-term potash contracts:
“…we were obligated to fulfil our annual 2024 contracts with China and India… expect to deliver another 150,000 tonnes in Q2 under existing rates… continue to prioritise profitability where possible.”
Published on May 24, 2025
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