Indian companies ramped up overseas borrowings in 2024, exceeding $32 billion by October, surpassing the total for 2023. Non-bank finance companies (NBFCs) led the charge, borrowing over $16 billion, primarily for on-lending. High US interest rates didn’t deter borrowing, with many companies prioritizing access to larger loan sizes and managing rupee exposure.
Carraro India turning the corner, offers an entry point
The company has in-house design and manufacturing capabilities. However, it historically has a lower operating margin before depreciation and amortisation (Ebitda margin) compared with peers.
December 23, 2024