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Signify Innovations India Ltd (formerly known as Philips Lighting India Ltd) is expecting a good growth backed by the demand due to smart cities mission in the next two years. The growth would also be driven by its smart hubs, which provides connected lightings to homes, smart lighting and decorative lighting.
The company, which witnessed a 7-8 per cent growth in the first half of this calendar year, expects growth to be “slightly muted” during the remaining half of this year due to overall economic slowdown.
“Q1 was good for us. In Q2 we saw some projects getting delayed due to elections…… in Q3 we were expecting to get the growth back but it looks like it is getting slightly delayed. It is bit more muted. It will take another three-to-six months for things to start picking up,” Sumit Padmakar Joshi, CEO, Signify Innovations India, told BusinessLine . The company follows calendar (January-December) year.
The company holds over 25 per cent share in the ₹15,000 crore worth lighting market in India.
Apart from lighting, it is also into modular switches business, which is still a small part of the total business.
“We are working with several municipal bodies to upgrade their lighting under the Smart Cities mission. More cities are going to get added over the next two years as the demand due to the smart cities mission will only increase with time,” he said.
Signify Innovations India has worked on projects with NDMC (New Delhi Municipal Corporation), Pune (along with TATA projects), Varanasi and Naya Raipur municipalities. It has also partnered with central and state governments and urban development bodies on several facade lighting projects such as Rashtrapati Bhavan, India Gate, North and South Block, Parliament House and Qutub Minar.
Smart Hubs
The slowdown has not impacted its smart home business, which offers various propositions on smart and connected lightings as well as decorative lighting.
“In Q3 all industries have seen some level of slowdown but it is not impacting our smart home business. That part of the business is growing faster for us,” he said.
The company is looking to ramp up its presence on smart hubs. Signify Innovations, which had around 140 smart hubs last year, planned to take it up to 300 this year. It already has set up around 260 smart hubs spread across 80 cities.
The smart hubs basically offer people all kinds of lighting propositions for their homes, restaurants and offices.
The company is also looking to come up with more innovation on the product front and launch more brands moving forward.
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