Bajaj Electricals will focus on non-electrical products and exports, as part of its new strategy to ramp up growth.
In the electrical segments, the company’s focus will be on LED lighting, which is gaining fresh grounds in the domestic market.
“Non-electrical products such as pressure cookers and gas stoves currently have a share of ₹80 crore in our last fiscal’s turnover of ₹3,387 crore.
“We will be expanding our portfolio in this vertical in terms of new products and business,” P.S. Tandon, Executive Director (Consumer Products), told media persons here today.
Exports will be another area that the company will expand in the next fiscal.
This fiscal, exports may account for a share of one per cent of its turnover, expected to touch ₹4,100 crore.
“Next fiscal, we are aiming at increasing this (exports) to two per cent to about ₹100 crore. We are seeing new markets in Europe, where fans are witnessing brisk sales due to changing weather conditions. We will also tap some African markets,” he said.
Other plans Part of the ₹38,000-Bajaj Group, the company is also betting big on the domestic water heater market.
It is setting up its second water heater plant with an investment of about ₹35 crore, which will be operational by December.
The plant will have new machinery from Germany, with robotic controls.
Its current units are located at Chakan for fans, Uttar Pradesh for lamps and tubes, and Nashik for compact florescent lamps. Tandon said the company was working on new products in the LED lighting and other segments, having finalised a land near Mumbai to establish a new R&D unit for small appliances.
Market outlook On the market outlook for next year, he said the company was expecting to clock a turnover of ₹5,000 crore. It is expanding its retail reach by adding seven exclusive ‘Bajaj World’ outlets to its existing network of 68 by next month.