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Godrej Appliances targets 20% sales growth in FY18
Ongoing slowdown in economic growth notwithstanding, Godrej Appliances is looking at a 20 per cent growth in revenues to Rs 4,000 crore during the current financial year. The Godrej group ended last fiscal with 24 per cent growth at Rs 3,300 crore.
Hyderabad: Ongoing slowdown in economic growth notwithstanding, Godrej Appliances is looking at a 20 per cent growth in revenues to Rs 4,000 crore during the current financial year. The Godrej group ended last fiscal with 24 per cent growth at Rs 3,300 crore.
“We expect Rs 45,000-crore appliance industry to post 10 to 12 per cent growth this fiscal as against over 15 per cent in FY17. As we have been outpacing industry growth, our growth will be around 20 per cent this fiscal, taking our topline to Rs 4,000 crore,” Kamal Nandi, Executive Vice President and Business Head, Godrej Appliances, told the media here on Wednesday.
According to him, higher tax on appliances has dampened the sentiment post GST. “The VAT on appliances was ranging from 23.5 per cent to 26 per cent, with average tax incidence across the country working out to be 24.5 per cent. But appliances were slotted in the highest tax slab of 28 per cent under GST. As consequence, prices have gone up by 3.5 per cent, dampening the sentiment,” Nandi said.
The consumer durables major launched a new range of front-load automatic washing machines under its sub-brand Godrej Eon here. These machines are equipped with a new feature called Allergy Protect, a superior wash programme, certified by Allergy UK, that is effective in getting rid of seven common allergens and bacteria.
The launch marks the company’s foray into the fast-growing front load washing machinery category in which it looks to capture 10 per cent market within a year.
