Sunday, Sep 8 2024 | Time 02:32 Hrs(IST)
image
Business EconomyPosted at: Aug 12 2024 5:32PM


Godrej Appliances chases a billion-dollar dream by FY25

Bengaluru, Aug 12 (UNI) Godrej Appliances, a key division of the Godrej & Boyce conglomerate, has set its sights on a billion-dollar milestone, aiming to achieve a significant revenue leap this fiscal year.
The company is targeting Rs 8,000 crore, a bold step up from last year’s Rs 6,000 crore, as it edges closer to joining the exclusive ‘Billion Dollar Club’ by FY25.
Kamal Nandi, Business Head and Executive Vice President of Godrej Appliances, expressed his confidence in the company’s growth potential. He highlighted the strong performance during the summer season as a key driver of this year’s ambitious targets. "We are confident of growing by more than 35-40 percent this year, which will be a crucial step towards our $1 billion goal," Nandi remarked replying to an UNI query on Monday.
At the heart of Godrej Appliances' billion-dollar dream is a robust focus on innovation, particularly in AI-powered technology, he said.
The company recently launched an array of intelligent appliances, including washing machines, refrigerators, and air conditioners. These products are designed to monitor real-time usage, adjusting their performance based on factors like ambient temperature, food load, and cloth balance, providing an optimized experience for consumers.
To meet the rising demand for larger-capacity products, Godrej has expanded its offerings with 400-plus liter frost-free refrigerators, 10 kg front-load washing machines, and 2.5-ton air conditioners. "These additions are expected to resonate with urban consumers who prioritize space, efficiency, and convenience," Nandi said.
While urban markets have traditionally driven appliance sales, Godrej Appliances is now expanding its focus to include tier-II and tier-III cities. These smaller towns have shown significant growth in demand, particularly for refrigerators and air conditioners, fueled by increased electrification and access to modern conveniences. "The company has seen the highest growth in towns with populations under 1 lakh across all key categories," he added.
A central theme in Godrej Appliances’ growth strategy is its commitment to energy efficiency. The company has introduced some of the most energy-efficient products in the market, including a refrigerator that consumes less than 100 units of power per year and high-efficiency 5-star air conditioners. "These products are tailored for consumers who are increasingly aware of their environmental impact and are looking to reduce their energy consumption," Nandi said.
With the festive season around the corner, Godrej Appliances is gearing up to tap into the anticipated surge in consumer spending, Nandi said. "The company has planned a series of attractive offers, including extended warranties, cashback deals, and easy EMIs, to entice buyers," he said.
Nandi emphasised that the festive season will be crucial in maintaining the 40 percent growth the company saw in the summer quarter. "We are excited to bring our customers an extensive lineup of intelligent, made-in-India products that offer both convenience and performance. With these innovations and our strategic expansion into new markets, we are well on our way to achieving our billion-dollar dream,” he stated.
The company’s balanced approach, focusing on both urban and rural markets, coupled with its emphasis on energy efficiency and cutting-edge technology, positions it for sustained success in the competitive appliance sector.
UNI BDN GNK
Please log in to get detailed story.
Tags: #Godrej Appliances chases a billion-dollar dream by FY25
More News

Agilisium opens new facility in Hyderabad

06 Sep 2024 | 8:05 PM

Hyderabad, Sept 6 (UNI)Strengthening its presence in India, Agilisium a premier data innovation partner for the Life Sciences Industry,on Friday announced the inauguration of a new development center in Hyderabad.

see more..

WIML to form joint venture in Saudi Arabia

06 Sep 2024 | 7:05 PM

Vadodara, Sep 6 (UNI) Wardwizard Innovations & Mobility Limited (WIML) on Friday announced that the company has received a Letter of Intent (LOI) from His Royal Highness Prince Abdulaziz Bin Turki Bin Talal Bin Abdulaziz Al Saud to form a Joint Venture in the Kingdom of Saudi Arabia (KSA).

see more..

IMEC would ensure faster movement of goods between Europe and Asia: Goyal

06 Sep 2024 | 5:47 PM

New Delhi, Sep 6 (UNI) India-Middle East-Europe Economic Corridor (IMEC) can add to India's maritime security and faster movement of goods between Europe and Asia, said Commerce Minister Piyush Goyal here on Friday.

see more..

Free fall at D-Street; wipes off over Rs 4 5L cr mkt capitalization

06 Sep 2024 | 5:37 PM

Mumbai, Sep 6 (UNI) India’s stock market on Friday fell like a pack of cards as the benchmark indices extended the losing streak for third straight day with both BSE Sensex and NSE Nifty closing down over one per cent each mainly on concerns whether US Fed will cut interest rate in its meeting this month and also profit booking by domestic operators.

see more..

Steelcase eyes expansion in northern and central India

06 Sep 2024 | 5:20 PM

Bengaluru, Sep 6 (UNI) Steelcase, the global leader in workplace design and innovation, on Friday announced plans to expand its footprint in northern and central India with four new display stores, focusing on key markets where the company currently lacks representation.

see more..
image