Godrej Appliances aims Rs 5,500 crore turnover
According to a top corporate official, Godrej Appliances plans to generate sales of Rs 5,500 crore in 2022–2023, with its premium range of items accounting for about 35% of total sales.
Additionally, Godrej Appliances is spending Rs 200 crore to increase the capacity of its premium line and add more goods, most of which will be produced at the company’s Shirwal, Pune, facility, according to Kamal Nandi, the company’s Business Head & Executive Vice-President.
According to Nandi of PTI, the corporation has received a “very strong reaction” from the market for its premium portfolio product line, in which it has so far invested Rs 250 crore.
” “I believe the premium portfolio that we have created so far will grow in this year as more new products in the segment are going to be launched,” he stated. Our two-year commitment to release a premium portfolio across all categories has begun to pay off extremely well. We want to expand our capacity and invest an extra Rs 200 crore in this portfolio.
In areas like frost-free refrigerators, fully automatic washing machines, air conditioners, air coolers, and freezers, it is increasing its offering of high-end products.
Nandi said, “Godrej Appliances,” a division of Godrej & Boyce, the Godrej Group‘s flagship company, hopes for a revenue of about Rs 5,500 crore, which is even 35% more than the pre-pandemic figure of Rs 4,500 crore.
“In the midst of a pandemic in 2021–2022, we had a revenue of roughly Rs 2,000 crore. Our goal for this year is a revenue of Rs. 5,500 crore “said he.
According to Nandi, Godrej Appliances’ premium products had a share of the market somewhere between 18 and 20 percent in the year before the pandemic, and this year it will increase to 32 to 35 percent.
Because we are aware that some customers attempt to purchase premium categories and premium products but cannot due to accessibility and availability, we built up a few brands outlets exclusively in tier II, III, and IV locations.
According to Nandi, Godrej Appliances products are currently sold in over 27,000 locations, and the company plans to open 5,000 more by the end of this year.
We are expanding our frost-free (refrigerators) and premium portfolios, which should also result in some network expansion happening in urban and rural areas due to the expansion of air coolers, chest freezers, and air conditioners. He continued, Both urban and rural markets will be served by these 5,000 stores.