Godrej Security Solutions expects a 25 per cent growth in sales in the current financial year backed by a steady demand for home security solutions and a rise in exports.
According to Pushkar Gokhale, Business Head, Godrej Security Solutions, the Indian market has been increasingly moving towards monitoring and tracking with people wanting to know and track what is happening back at home when they are away. This is driving demand for integrated security products.
“We have been witnessing a CAGR of close to 25 per cent in the home category. The Indian market is moving towards monitoring and tracking and that is driving the demand,” Gokhale told BusinessLine post the launch of its first exclusive experiential store in Kolkata on Wednesday.
Godrej Security Solutions, which is part of the ₹12,000-crore Godrej & Boyce Mfg Co, accounts for around five per cent of the total revenue.
Residential security solutions, which currently account for around 15 per cent of its total sales, are likely to increase to 20-22 per cent in the next two years. Eastern region accounts for nearly 12-15 per cent of its total business at present and nearly 30 per cent of this comes from West Bengal.
The demand for video door phone, for instance, has been growing at around 15-18 per cent with several upmarket residential projects offering such services to their customers. The company has been working with several real estate developers to tap into the segment.
“We want to grow the home security segment in a big way and one way of doing this is to increase awareness. We are setting up experience centres to provide an immersive brand experience that includes consultation and solutions tailored to an individual’s specific needs,” he said.
The company currently has 8-10 experience centres across the country and plans to set up 8-10 more in the next one year.
New growth engines
Godrej Security Solutions is known primarily for its safes and vaults. It supplies high-end safes and vaults to banks, financial institutions, jewellery chains and other corporate entities. Sale of safes and vaults accounts for nearly 65 per cent of its total business.
The company also forayed into providing access control solutions at certain select locations by introducing different kinds of scanners for pedestrian access and vehicular access.
“This segment has a very high potential and we are putting in place a strategy to grow this business,” he said.
Exports, which account for nearly 20 per cent of its total business, have been growing at around 25-30 per cent. The company exports safes and vaults to close to 45 countries. It is looking to come up with a strategy to increase the sale of premises control products in some countries including West Asia and Africa.