Haier India eyes 40 per cent growth in 2022

Meenakshi Verma Ambwani | | Updated on: Mar 21, 2022
Satish NS, President, Haier Appliances India

Satish NS, President, Haier Appliances India

Expects strong sales for cooling products amidst inflationary pressures

Consumer durables major Haier India, which closed 2021 with net revenues of ₹5,000 crore, is eyeing a growth of 40 per cent in 2022, on the back of expectations of stronger sales of cooling products and enhanced production capacity. The company’s second manufacturing facility in Noida, Uttar Pradesh kick-started production earlier this year.

Satish NS, President, Haier Appliances India, who took over the role in January, told BusinessLine, “We are a challenger and a fast-growing brand in India and our aim is to achieve a growth of 40 per cent in our top line in 2022. With the start of production in our second facility in Noida, we believe we are now equipped to achieve future growth plans till atleast 2024. Nearly 95 per cent of our products are made-in-India.” He added that the company expects to become the third largest brand, in terms of overall value turnover, in the consumer durables space by the end of the year.

After two washed-out summer seasons due to the pandemic-induced restrictions, a lot is riding on this summer season for durable makers. Satish said the company expects to garner growth of 45-50 per cent in the air-conditioners segment and about 30 per cent in the refrigerators segment over the same period last year. “We have enhanced our range of products in the air-conditioners and the refrigerator segments. We are also expanding our distribution across all channels and expect to see demand for cooling products coming in from both rural and urban regions,” he added.

Replying to a query on impact of inflationary trends, he added. “While there will be some impact on consumer purchasing power, I believe there will be a strong pent-up demand for cooling products, as these are items of necessity, with the country expected to witness soaring temperatures.”

He added that players have been not been able to pass on the entire impact of inflationary pressures due to soaring commodity prices and higher logistics costs. “Once the market stabilises, durable makers will need to take another price hike of atleast 5-6 per cent as we are witnessing unprecedented inflationary pressures,” Satish stated.

The consumer durables company is also looking to grow its market share in the flat panel TV segment and recently launched its new OLED TV range in India. “We want to take our flat panel TV business to the next level. We see a huge opportunity for growth and are positioned as a value-for-money brand with a strong focus on the offline channel,” he added. Meanwhile, Haier India is also gearing up to foray into new categories such as vacuum cleaners with evolving consumer needs in pandemic times.

Published on March 21, 2022
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