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Auto ER&D Firms Struggle as Trump Tariffs, China Roil Mkts
Mint Chennai
|February 21, 2025
The engineering, research and development space expanded 7.4% to $43 billion in revenue in the fiscal year 2024
Growth at Indian mid-cap engineering, research and development (ER&D) companies slowed in the first nine months of FY25 as the world's largest carmakers faced challenges from Chinese rivals and braced for additional tariffs on imported components.
The slowdown for L&T Technology Services Ltd (LTTS), KPIT Technologies Ltd, Cyient Ltd, and Tata Elxsi Ltd, as per a Mint analysis, is the latest setback for India's $254 billion IT services sector.
The ER&D space, where firms design and build technologies and products for carmakers, rose 7.4% to $43 billion in revenue in FY24, according to the National Association of Software and Service Companies. ER&D's growth was almost double that of overall IT services, which expanded 3.8%, the slowest pace since Covid.
Dit verhaal komt uit de February 21, 2025-editie van Mint Chennai.
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