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 June 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. Here are some from companies that reported their earnings last week.
Waters Corporation (WAT, $165.5 billion)
The US-based analytical workflow solutions provider noted customer sentiment in India remains upbeat despite tariff uncertainty.
“Even if tariffs are implemented, they are likely to target farming and generics, not our core pharma clients. Our customers are ramping up nicely, no impact so far, and expectations are that any cost hit will be offset by payers or incentives.”
Iron Mountain Inc (IRM, $27.1 billion)
India is now central to the American enterprise information management services company’s digital growth push.
“Through the acquisition of CRC India, we’ve expanded our digitisation capabilities. India is a key growth engine for us, both locally and globally.”
Expeditors Intl. of Washington, Inc. (EXPD, $15.9 billion)
The American service-based logistics company noted that India is skilfully balancing US trade pressures with geopolitical agility.
“25 per cent tariffs and secondary sanctions are aimed at breaking up BRICS’ influence. India is unlikely to yield, given its foreign policy of non-alignment and relatively-small trade footprint with the US. Still, it remains a strategic partner.”
NCR Alteos Corp (NATL, $2.8 billion)
Tariff tensions aside, India continues to be the American ATM service provider’s manufacturing hub of choice.
“All manufacturing is now co-located in India. Even with a 25-50 per cent tariff range, it’s still the most competitive location for us. We don’t expect high tariffs to stick long term, India remains a strong US partner.”
Amneal Pharmaceuticals Inc (AMRX, $2.6 billion)
India is central to the American generics and speciality pharmaceutical company’s expansion strategy despite the tariff narrative.
“India’s pharma market is booming alongside living standards. We’re leveraging our 6,000-employee base to launch the Amneal brand. On tariffs, it becomes expensive to make in America compared to coming out of China or India.”
Diageo Plc (DGE, £45billion)
The British multinational alcoholic beverage company reported continued growth in premium whiskey sales in India, driven by favourable policy tailwinds.
“We’re seeing strong uptake in prestige whiskey and smaller pack sizes. The upcoming UK-India Free Trade Agreement is expected to unlock future growth for this segment.”
Beiersdorf AG (BEI, €22.3 billion)
India has emerged as a bright spot in the global expansion strategy of the German personal-care products manufacturer.
“With a strong launch strategy and the right product mix, Eucerin and NIVEA have gained serious traction. Business grew over 30 per cent in H1, even in a hyper-competitive market dominated by private labels.”
Published on August 9, 2025
