Godrej Appliances is aiming to be amongst the top three players in the home appliances industry in the next three years.

“Over the next three years I think we will continue to grow twice the industry as we have been doing for the last two-three years and gain market share. That is our objective,” Godrej Appliances Business Head & Executive Vice-President Kamal Nandi told businessline.

At present, the company is not the market leader in any categories in the home appliances industry. “We aspire to become leaders over the years. The situation is going to improve because we have been gaining (market) shares years after years as we have been growing twice the industry,” Nandi said.

The company, a part of Godrej & Boyce, is currently the fourth largest player in the overall refrigerators category. “In washing machines we are no. 6, in air conditioners we are no. 5 and in chest freezers we are no.3,” Nandi said.

“As a brand we would definitely like to be amongst the top three over the next three years. Altogether I think we could be amongst the top three. In some categories we will be top three, while in some categories we may be top two also,” the Executive Vice President said.

In the last financial year, the company’s revenue stood at around ₹6,000 crore. The refrigerators category had contributed around 55 per cent to the turnover, while air conditioners had contributed around 25 per cent. The third largest category for the company was washing machines.

The home appliances maker expects around ₹8,500 crore turnover for this fiscal.

Nandi said initially the company’s target was around ₹8,000 crore revenue for FY25, but on the back of robust sales in the first four months of this fiscal it now expects over 40 per cent year-on-year growth.

As the company’s air conditioners category has currently been growing much faster compared to that of the refrigerators, it expects both two categories to contribute 40 per cent each to the turnover for this financial year.

In the first quarter, Godrej Appliances’ sales grew over 60 per cent y-o-y, backed by a significant improvement in consumption. The industry saw a growth of around 30 per cent during the period.

The company witnessed that tier II, tier III and rural markets grew higher than the tier I and the metro markets. “It was because the mass segment did very well during this summer. By volume, the mass consumption segments were higher in tier II, III and rural markets,” Nandi said, adding this fiscal the company is expecting that the mass segment would continue to perform well.

“In the festive season both mass and premium segments will do better. We are expecting a 40 per cent year-on-year growth in this festive season, backed by new product launches,” he added.

The company expects more than 40 per cent y-o-y growth for its products during the upcoming independence day sales.

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