Reports Significant Growth in FY22 and Q1 FY23
- Hitachi Vantara topped high-end data storage market for the third consecutive year
- FY23Q1 and FY22 revenues indicated 55% and 63% YoY growth respectively
Hitachi Vantara, the modern infrastructure, data management and digital solutions subsidiary of Hitachi Ltd. (TSE: 6501), a leading player in innovative infrastructure and high-end data storage management today announced significant growth and achievements during Financial Year 2022 (FY22) and Q1 FY23 for its India market, reinforcing the importance of India as part of the company’s long-term growth strategy.
Hitachi Vantara experienced a remarkable 63% Year-on-Year (YoY) revenue growth for its data infrastructure business in India in FY22, with 108% growth in its product revenue, underscoring the strong demand for the company’s cutting-edge data infrastructure solutions and services.
In Q1 FY23 alone, Hitachi Vantara continued its upward trajectory with an impressive 55% YoY revenue growth while its product revenue soared by 88%, solidifying the company’s reputation for delivering innovative end-to-end data solutions. In this quarter, Services revenue also exhibited robust growth, experiencing 16% YoY increase. Hitachi Vantara India aims to achieve at least 50% growth in 2023, double its revenue by 2024 and achieve minimum 20% revenue growth per year till 2030 in India. The company sees substantial growth potential in hybrid cloud, portfolio expansion beyond storage, and expansion via its dynamic partner ecosystem, while retaining its robust position in the banking sector.
Hemant Tiwari, Managing Director, India, Hitachi Vantara said, “As Digital India continues to gain momentum, we have witnessed tremendous growth for our business. With significant investment in India’s data centres, we envision unique opportunities by collaborating with cloud service providers. Hitachi Vantara India will focus on accelerating hybrid cloud technology and expanding sustainable product portfolio. Recognising India’s 6% economic growth potential in 2023, we will continue to invest and expand in the country. One-third of our global workforce is currently based in India and we will keep expanding our workforce in the coming years.”
In FY22, Hitachi Vantara demonstrated remarkable growth with the Enterprise business revenue witnessing a commendable 41% YoY increase. The Commercial business revenue soared by an astounding 203%, highlighting the company’s successful expansion and impact in both the Enterprise and Commercial segments of customers.
Hitachi Vantara’s leading position in the data infrastructure industry in India is also reflected by its strong rankings indicated by the IDC Worldwide Quarterly Enterprise Storage Systems Tracker. According to the tracker’s 2023Q1 version (released in June 2023), Hitachi Vantara continues to secure the top rank in India high-end storage market for the third consecutive year with an impressive market share of 51% in Q1CY23 (Jan-Mar) and 35% in CY22 (Jan-Dec). In the total storage market, Hitachi Vantara ranked third with 20% market share in India for Q1 CY23.
Recently, Hitachi Vantara partnered with Microsoft to launch Hitachi Unified Compute Platform (UCP) for Azure Stack HCI that transforms hybrid cloud management. Hitachi Vantara India also signed a Memorandum of Understanding (MoU) with Hitachi India and Central Manufacturing Technology Institute, Government of India, (CMTI), to strengthen the Indian manufacturing industry through smart manufacturing and IoT practice.
