Yes, it has a strong brand recall, grown consistently over the past decade and has aggressive expansion plans. So, is Havells India on track to double its revenues by 2022?
INDIA’S ELECTRICAL GOODS INDUSTRY has been plagued by demand short-circuit over the past 18 months or so. Hobbled by glitches in the implementation of the Goods and Services Tax (GST) for much of last year, demand for electrical goods and consumer durables suffered further outage due to the liquidity squeeze caused by the ongoing NBFC crisis. An extended winter this year which delayed the purchase of cooling products as well as impending elections added to the woes.
Things are not expected to get better anytime soon as the liquidity crisis is seen lingering for at least a couple of quarters more. So in such circumstances what are the players in the sector supposed to do? Sit quietly and wait for the headwinds to subside or pave the ground for future growth?
Havells India, the largest electrical equipment maker in the country, has taken the demand slowdown in its stride and proceeded to give shape to its long-term growth targets that were firmed up in late 2018. The company, which also makes consumer durable products, is planning to reinvent itself by developing next-generation products and solutions, as part of its target to double its revenues to Rs 20,000 crore by 2022. It has earmarked Rs 1,500 crore to be invested over a five-year period. Out of this, Rs 360 crore is being pumped into an AC manufacturing unit.
“Last financial year, we grew more than 20 percent and have reached Rs 10,000 crore in revenues. So we don’t see that Rs 20,000-crore (revenue) vision as something which is not achievable. Both Lloyd, as well as Havells’ businesses, are on the right growth track,” Anil Rai Gupta, Chairman, and Managing Director, Havells India told BW Businessworld.
Denne historien er fra June 22, 2019-utgaven av Businessworld.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra June 22, 2019-utgaven av Businessworld.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Gauging Trumponomics For India
Despite some shortto mediumterm headwinds in trade and immigration, the broader Indo-US vision of counterbalancing China’s influence is expected to ensure continued cooperation under Trump 2.0
Reflections on Consciousness and Creation
Indian-American DEEPAK CHOPRA on the nature of the universe, the digital fabric of existence, and the power of a conscious mind
MORE TAKE TO DRIVING IN STYLE
High-end luxury vehicles are no longer part of a niche market, but a rapidly expanding segment of automobile sales, driven by changing consumer preferences, rising disposable incomes and better infrastructure
India's Growing Affinity for Swiss Watches: A Luxury on the Rise
NDIA'S ROBUST ECONOMIC growth, projected to exceed 6 per cent in 2024 and 2025, is fostering a rising demand for aspirational products. As disposable incomes increase, particularly among the expanding middle class, luxury goods such as Swiss-made watches are gaining popularity.
An ENRiching Outlook
KPMG's latest report shows energy CEOs being optimistic about the sector's outlook. ANISH DE, Global Head, ENRC, KPMG speaks to BW Businessworld's Arjun Yadav on what's driving this confidence
Paving the Path to a Sustainable Future
Salesforce's ESG journey has made an impact beyond the company. SUNYA NORMAN, SVP of ESG Strategy and Engagement at Salesforce, shares more on how the tech giant integrates sustainability into its core operations, supporting global goals while empowering employees
LEADERSHIP TRANSITION AT XIAOMI INDIA
Xiaomi India is experiencing a leadership evolution, beginning with Muralikrishnan B's departure as President by the end of 2024. This change underscores Xiaomi's shift towards nurturing local talent amidst dynamic global shifts. The story tracks key transitions from Manu Kumar Jain's leadership to Muralikrishnan B's impactful tenure, along with recent strategic hires, highlighting Xiaomi's alignment towards market adaptability and consumer focus
WEAVING SUSTAINABILITY
Once a modest home textile manufacturer, Jindal Worldwide has evolved into a vertically integrated textile powerhouse, spanning critical segments of the yarn and fabric value chain
FORCE FOR GOOD
FY24 saw capacity expansions for Century Enka in nylon and polyester segments, along with investments in modernisation, renewable energy, and safety initiatives
REIMAGINING TOMORROW
For V-Guard, tomorrow signifies progress, driven by today's actions, setting the foundation for future growth and value creation for all stakeholders