Haier India said it is on track to feature among the top five consumer appliance brands in the country and expects to close this year with net revenues of about ₹3,600 crore. The Chinese consumer appliances and electronics company has seen a double digit growth, especially for its premium products, in the first half of this year.

Growth trends

Eric Braganza, President, Haier Appliances India, said: “We are witnessing strong growth and demand for premium products such as bottom-mounted refrigerators, side-by-side refrigerators and front-load washing machines. In terms of value, we have grown by 55 per cent in the first half of this year.”

He said that looking at these growth trends, the company expects to close this year with ₹3,500 -3,600 crore in terms of net revenues and is targeting 55-60 per cent growth over 2017.

“Factors such as good quality products, strong distribution footprint, and strategic marketing and advertising have enabled us to grow at a much faster pace than the industry growth rates,” Braganza added.

Manufacturing capability

Last year, the company also significantly enhanced its manufacturing capability at its facility in Pune. Besides refrigerators, the company now makes washing machines, LED TVs, air-conditioners and water heaters in India. “Currently we are using nearly 75-80 per cent of our manufacturing capacity in Pune and by next year we believe we will fully utilise this capacity,” he said.

The company aims to touch the $1-billion mark by 2020 in revenues and expects to be among the top three consumer appliances brands in the country.

Positioned as a mid-priced brand, Haier India is stepping up its focus on appliances business. While LED TV panels segment contribute about 20 per cent to our turnover, we are putting a bigger thrust behind appliances business. We believe the appliance business will be the key growth driver for us,” Braganza added.

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