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Hitachi Vantara, a subsidiary of Japanese tech conglomerate Hitachi Ltd on Wednesday announced significant growth and achievements during the financial year 2022 (FY22) and the first quarter (Q1) FY23 for its India market, and topped high-end data storage market for the third consecutive year.

The company experienced 63 per cent (year-on-year) revenue growth for its data infrastructure business in India in FY22, with 108 per cent growth in its product revenue, underscoring the strong demand for its cutting-edge data infrastructure solutions and services.  

In Q1 FY23, Hitachi Vantara continued its upward trajectory with 55 per cent (year-on-year) revenue growth, while its product revenue soared by 88 per cent, solidifying the company's reputation for delivering innovative end-to-end data solutions. 

In this quarter, Services revenue also exhibited robust growth, experiencing a 16 per cent (year-on-year) increase.  

“Hitachi Vantara India will focus on accelerating hybrid cloud technology and expanding its sustainable product portfolio. Recognising India's 6 per cent economic growth potential in 2023, we will continue to invest and expand in the country,” Hemant Tiwari, Managing Director, India, Hitachi Vantara, said in a statement.

Moreover, the company said that it aims to achieve at least 50 per cent growth in 2023, double its revenue by 2024 and achieve a minimum of 20 per cent revenue growth per year till 2030 in India. 

It also 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.  

In FY22, Hitachi Vantara demonstrated growth with the Enterprise business revenue witnessing a 41 per cent (year-on-year) increase. 

The Commercial business revenue soared by 203 per cent, highlighting the company's successful expansion and impact in both the Enterprise and Commercial segments of customers.