Godrej locking solutions and systems, fourth largest business of Godrej & Boyce manufacturing company ltd, sees its domestic market share improving significantly in next five years due to various macro tailwinds like increasing urbanisation, rising disposable income and need to choose branded products incase of locks.

The government's efforts like "housing for all" scheme, development of 100 smart cities and implementation of goods and services tax will also help in achieving the target to a large extent.

“We are present till tier-4 cities (population of 1-3lakh) of India with 900-1000 channel partners catering to 30,000 retail hardware outlets. We make locks for almost every application and inner door. We are pursuing an aggressive plan till 2020 including increasing capacity and capability," said Shyam Motwani, executive vice president and business head at Godrej and Boyce manufacturing company Ltd.

Currently the company has a market share of 35per cent in the organised locks market, which in turn has a share of 35-40 per cent in overall locks market worth Rs 4,000 crore (latest available figure till 2014).

The domestic market growth is currently subdued ( in single digits) due to slowdown in real estate market. "While revival in metros (population of 4 million and above) is unlikely to happen soon, non metros offer silver lining, according to Motwani.

Meanwhile, the company is also looking to increase its overseas exposure by entering markets like Latin America, South America and North America (through partnership).

In FY17, the share of exports to sales will increase to 4-5 per cent from 3 per cent in FY16. Currently the company exports to Middle East, Africa and Asia.

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