Home Business Haier set to cross a billion revenue mark in 2024, aims ₹11,500...

Haier set to cross a billion revenue mark in 2024, aims ₹11,500 crore next year

0
Haier set to cross a billion revenue mark in 2024, aims ₹11,500 crore next year


Image used for representative purpose only.
| Photo Credit: Nagara Gopal

Haier Appliances India is set to cross the milestone of having a billion dollar revenue in 2024, helped by strong summers, festive season and ongoing trend of premiumisation, and expects ₹11,500 crore revenue in 2025, its President N.S. Satish said on Thursday.

Besides, the appliances and consumer electronics maker company, which has so far invested ₹2,500 crore in India, has plans to set up a third manufacturing facility in the Southern part of the country and is in the process of finalising a location for that, he said.

“2024 has been one of the best years we ever had, with a growth of 35%. We will be a one billion company this year. Next year our target is ₹11,500 crore,” Mr. Satish told PTI.

Mr. Satish is confident of closing 2024 with a revenue of ₹8,900 crore.

Haier Appliances India follows the January-December cycle as its financial year.

“This year all the categories have done extremely well. With the focus on LED and washing machine, those two categories have done very well, and they pulled up,” he said, adding that with the trend of premiumisation, the ASP (average selling price) has also gone up.

Additionally, he said this is the fastest growth of any company in the appliances segment.

Regarding the Indian market, Satish said the penetration level here is still low in comparison to other markets and it offers a “huge opportunity” and Haier addressed it by aligning its product accordingly.

The company has a strong roadmap for 2025, where it is focusing on India-specific innovations, bringing out “differentiated products” from its competitors in segments such as refrigerators, washing machines, air-conditioners LED TVs and other products, in which it operates.

“We try to bring out some innovations in the products which are usable by the customers” and a special focus on the infrastructure for the after-sale service.

Besides, Haier is diversifying its business and entering into commercial air conditioning and kitchen appliances, a segment which has witnessed fast growth in recent years.

On the development for these new segments, Mr. Satish said: “We are still setting up our basic infrastructure in terms of the manufacturing of these products, after-sales and everything because these products need after sales which has to be good.”

Haier Appliances India currently has manufacturing units in Pune and Greater Noida and now has plans to set up a third manufacturing unit down south.

“We have already started looking for the third manufacturing plant in India. That could be in the southern area only… That would be operational in 2026 or 2027,” he said, adding, “We have just started scouting for the land. Discussion and the proposals are getting ready.”

The new plant will be primarily for the domestic market but will also cater the export opportunities.

Regarding the proposed investment for the new plant, Satish said it is still in the initial stages and is in the process of figuring out.

Besides, Haier is expanding its Greater Noida plant, where it is creating new facilities under phase II such as backward integration, injection moulding and sheet.

India is the third largest market for Haier Group globally after the China and US. It competes in the Indian market with brands such as Samsung, Panasonic, Whirlpool of India, and Bosch besides some homegrown manufacturers such as Godrej Appliances, Bajaj Electricals, Voltas etc.



Source link

NO COMMENTS

Exit mobile version