JOIN USGodrej Locking Solutions and Systems (GLSS) is focusing on kitchen system and architectural hardware to propel growth in the Indian market.
In an interaction with DH, GLSS Executive Vice President and Business Head Shyam Motwani said the company is expecting a spurt in domestic for these products.
"The company is looking at an overall revenue of Rs 720 to Rs 750 crore during FY 2019. Architectural hardware is expected to contribute 30% of revenue and kitchen system to contribute 10%," he said.
Architectural hardware and kitchen systems were added to our portfolio in 2013 and 2015
respectively. Motwani said the demand for architectural hardware and kitchen system are going up as India is going through mass urbanisation, affordable housing and several government initiatives.
Architectural hardware includes door closers, floor springs, furniture fittings, panic bars, door
automatic, shower fittings, glass hardware, etc. "We have more than 2,200 wholesale dealers and over 18,000 retail outlets for architectural hardware business. It is expected to register exponential growth," said Motwani.
Kitchen systems have a market size of around Rs 3,000 crore and expected to grow at a CAGR of
20% to 25% till 2020.
"The potential of our kitchen systems business to grow is at over 50%. To fuel this growth, we will leverage our strong network of over 100 dealers and distributors and around 500 retailers across India," he said.
Godrej Locks is eyeing Rs 1000 crore revenue by FY22, betting on premiumisation and focusing various categories, especially architectural hardware and kitchen systems.
"We aim to take architectural hardware to 50% of business in the next 3 years. Kitchen systems to be a
fifth of architectural hardware and expected to be 20% of it. For kitchen systems alone, we are
targeting a CAGR of 50% which will lead to Rs 100 crore target in 3 years," he said.
Export strategy
Exports contribute around 5% to Godrej Locks overall revenue and is present in 27 countries across Asia, Africa and the Middle East.
"As of now, we operate in the locking solutions business in international markets. We plan to launch architectural fittings and kitchen systems internationally in coming days," he said.
The company is present in 27 countries across Asia, Africa and the Middle East. In Asia. It is also present
in Nepal, Sri Lanka, Myanmar and Fiji.
Kenya, Zambia, Tanzania, DR Congo, South Africa, Cameroon, Ivory coast are our markets in Africa. In the Middle East, we have a presence in Qatar, UAE, Oman, Bahrain.
"We aim to increase our footprint to more markets within these regions by 2020. It is expected to help us to significantly grow our exports by 2020," he said.