Companies

Goldmedal Electricals to focus on IoT based products

V Sajeev Kumar Kochi | Updated on April 10, 2021

Aims to achieve ₹2,800 crore revenue in the current fiscal

Betting big on IoT based products, the Mumbai based Goldmedal Electricals manufacturing switches and accessories, is aiming to achieve a ₹2,800 crore revenue in the current fiscal.

Though the demand for IoT based products in electrical segment is witnessing a 50 per cent growth in metro cities due to rising consumer awareness, the conversion of conventional products to high-end ones is hardly 5-7 per cent. To achieve a firm market share, the company has lined up a new product range which included fans, LED lights, wide range of switches, home automation systems etc to shore up its revenue, Kishan Jain, Director told BusinessLine on the sidelines of an event.

The FMEG company, which notched up a ₹2,000 crore revenue last year, is pinning hopes on the rising demand for high-end automated switches and lighting accessories, he said.

Jain, who was in Kochi for the opening of two new exclusive showrooms in the State, said the company has roped in superstar Mohanlal as their brand’s face for southern markets.

Kerala consumers are more brand conscious, fast adopting to changes and are ready to spend more on quality products. The unveiling of the two new showrooms both in Kochi and Kozhikode would enable both retail customers and the industry to experience a range of products in the premium setting, he said.

Goldmedal Electricals with a pan India presence is currently having three production facilities in Vasai in Mumbai, Bhivandi in Rajasthan and Vijayawada in Andhra Pradesh, said Bishan Jain, another director.

Asked on the impact of Covid on their business, both the directors said there was a lull period in the initial two months of 2020 when the pandemic broke out. But it started picking up and the company hopes to continue growing in the coming days. However, the rising Covid cases is a concern though the company has given importance to safety in its production facilities, he said.

Published on April 10, 2021

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