Comments
Godrej Locks & Architectural Fittings and Systems is looking to launch new products and offerings as it targets a turnover of ₹1,450 crore in FY24. The company, which closed 2022-23 with a turnover of around ₹1,200 crore, is expecting around 20 per cent growth in sales during the current fiscal.
According to Shyam Motwani, Business Head, Godrej Locks & Architectural Fittings and Systems, the company is testing internet locks for the hospitality sector and expects to launch it commercially in the next few months. It will also test launch the internet locks for residential houses in the next few months before rolling it out commercially by the second or third quarter of this fiscal.
“Last year (2022-23) we grew by nearly 22 per cent over the previous year and we had registered close to 21 per cent growth in 2021-22. So we have been growing at over 20 per cent over the past two successive fiscal years since we returned to normalcy post Covid. We expect to clock over 20 per cent growth during the current fiscal, backed by the launch of a host of new products,” Motwani told BusinessLine.
Digital will be the “thrust area” for the company and it would invest on R&D, innovation, product development and marketing. Godrej Locks, which is one of the most preferred brands in the mechanical locks space, will also be available in the “digital avatar” later, he said.
The company recently test launched dual motion technology for main door locks. Digital currently accounts for 3-5 per cent of its locks business and this is expected to touch 10 per cent in the next two to three years, he added.
Demand for architectural fittings
Nearly 60 per cent of its revenues come from the locks business while the rest comes from architectural fittings and systems, which it expectsto account for nearly 50 per cent of turnover in the next three years.
Godrej Locks had launched kitchen storage and organizer solutions in July-August 2022 and looks to roll it out nationally during the current fiscal, besides a host of furniture fittings and wardrobe fittings.
“There is huge headroom for growth in architectural fittings and systems category and we are expecting good growth from this business,” he said.
Nearly one-fourth of its sales comes from Tier II, Tier III and Tier IV towns and it expects this to increase to nearly 30 per cent.
According to Motwani, the company kept prices intact last fiscal by keeping input cost under control through an “agile approach” to commodity purchases. It is not planning a price hike during the current fiscal as well.
“Whole of last year we did not increase prices (of our products) and this year also we are committed to not to increase prices,” he said.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.