Under the visionary leadership of Managing Director Amit Bhalla, the company overcame obstacles and reached critical milestones, paving the way for a bright future. In this exclusive conversation, Mr Bhalla discusses 2024’s successes, challenges, and IML’s intentions to redefine excellence in 2025.

What are the key achievements of IML in 2024?
IML has experienced a momentous year in 2024 with several notable achievements. One of the most remarkable accomplishments was the smooth demerger of Hercules Hoist and Indef Manufacturing Limited (IML), a strategic move encapsulated in our tagline, “New Name, Same Team, Same Trust, and Same Legacy with New Energy.” This has enabled us to streamline operations, focus more efficiently on our core capabilities, and position ourselves for long-term success.

Another notable achievement was the acquisition of the Swift brand. Swift is known for its quality tradition, and our merging with Swift has strengthened our market position, widened our product offering, and increased our customer base.

Furthermore, in a year of flat growth, we worked internally to optimise our quality control, design, and supply chain management operations, resulting in a 3-4 percent margin increase. These actions have strengthened our financial health and laid a solid platform for future growth.

What significant challenges did IML encounter this year, and how have these shaped the company’s journey?
This year presented its fair share of obstacles. A slowdown in government infrastructure projects and deferred capital expenditures by private firms, affected by geopolitical tensions and election-related uncertainty, impacted our order inflows. However, we remain optimistic about the recovery in the second half of the fiscal year.

Intense pricing pressures caused by competitors’ rate cuts and an influx of Chinese imports tested our resilience. We reacted by emphasising our value proposition: rugged Indian products with German engineering, affordable prices, and dependable service.

Employee attrition provided further issues, impacting continuity and raising costs. To address this, we implemented more robust employee engagement efforts, prioritised professional development, and strengthened long-term benefits to create loyalty and stability.

Which key focus areas will drive the company’s growth in 2025?
In 2025, we will prioritise numerous crucial topics. Cranes and export enterprises will be critical in boosting growth and mitigating potential slowdowns or pricing challenges in the domestic hoist industry. Exports have already exceeded other categories in growth and revenue contribution, while the crane business, which is still in its early stages, has enormous potential.

We also invest in research and development to incorporate emerging technology into our product offerings, ensuring we remain competitive and meet changing client needs.

Which industry trends are you closely monitoring for 2025, and how might they impact IML’s business?
We are following developments in automation, robotics, and artificial intelligence in the material handling business. These technologies are transforming traditional processes, increasing efficiency, and improving safety. Integrating AI-powered solutions such as autonomous robotics, predictive analytics, and real-time supply chain visibility establishes new standards for operational excellence.

Sustainability is another significant trend. With a growing demand for ecologically friendly and energy-efficient solutions, we see the potential to innovate and broaden our eco-friendly product offering. Furthermore, IoT-enabled systems and predictive maintenance technologies are poised to change operations across the industry.

With the material handling equipment industry expected to increase at a compound annual growth rate (CAGR) of 6 percent between 2025 and 2034, these developments create numerous potentials for IML.

What is your outlook on the industry’s evolution and the potential impact of emerging technologies?
The material handling industry is fast evolving as advanced technologies such as AI, IoT, robotics, and real-time analytics become more widely adopted. These advances improve productivity and safety while also altering corporate operations. We are committed to meeting and exceeding customers’ expectations using these technologies.

By incorporating these innovations into our solutions, we hope to stay ahead of the curve and maintain our competitive advantage in this dynamic sector.

What is your long-term vision for IML, and how are you working toward achieving it?
I aim for Bajaj Indef to become the ‘go-to company’ for material handling equipment customers and employees. This includes providing excellent customer experiences across the product lifecycle and creating a workplace where employees can thrive and pursue satisfying careers.

To achieve this ambition, we are harnessing the qualities of our flagship brands, Bajaj Indef and Swift. By prioritising innovation, customer happiness, and staff development, we create a quality and sustained growth legacy.

How has the current economic climate impacted IML’s strategic planning, and how is IML preparing to navigate potential economic challenges in the coming year?
The current economic context, marked by inflationary pressures and possible interest rate hikes, has forced us to rethink our strategy. To limit the risks associated with economic volatility, we are prioritising resilient projects, boosting cash flow, and increasing operational efficiency.

At the same time, we are confident in the long-term economic potential of the Make in India project. With the assistance of PLI (Production-Linked Incentive) schemes and the China Plus One strategy, we are positioned to expand rapidly, utilising our products and services to enhance manufacturing in core sectors.

By maintaining financial discipline and focusing on operational excellence, we will be able to traverse these obstacles while contributing to India’s industrial rebirth and providing value to our stakeholders.

For more information, visit: https://indef.com/