Godrej Security Solutions, part of Godrej & Boyce, plans to focus on expanding the market for its exports in the US and Europe. Currently, exports make up around 12 per cent of the company’s exports, which the company plans to scale up to 20 per cent in 2–3 years, Pushkar Gokhale, Business Head, Godrej Security Solutions, told businessline. The company closed FY23 at ₹900 crore
“We see a huge potential on the export front. In fact, besides the US and Europe, Southeast Asia is the othermarket of interest that we would like to add,” noted Gokhale.
The company’s long-term goal for these markets is to establish a robust, reliable channel of distribution.
“We would be one of the top five manufacturers of safes and vaults across the globe. The headroom to grow is pretty substantial, which is a good sign because the market is quite sizable. We already ship to more than 45 countries and have made headway into Europe and the US,” he said.
Furthermore, he added that exports are a key strategic growth area for the company, as most of the companies and importers in the US are looking at alternatives to Chinese products. There is a positive outlook about Indian manufacturers, and that should definitely be the tailwind for the company going forward.
Security solutions
Recently, it introduced Secure 4.0, a platform aimed at increasing awareness about the need to develop intelligent and connected solutions to address today’s and tomorrow’s challenges. Under this, it offers two products — a fogging security system enabled to stop intruders in their tracks, and a product equipped to determine gold purity with the highest accuracy without damaging the ornament.
“As of now, there are only two products, which we recently launched. But going ahead, we would like to introduce the intelligent product to offerings such as IoT-based kind of products.”
In addition to the expansion of its B2B range, the company will also launch connected products for the home segment, i.e., the B2C segment, during the first quarter of this year. “One of the areas that we are looking at in terms of growth in our B2C segment is home security, where we have a range of home lockers and safes.
Growing market
According to Gokhale, when making large purchases, people always prefer to check things out in person to get a firsthand impression. “That is why we want to grow our retail footprint, which currently stands at 10,000 stores.”
Currently, the company operates one manufacturing facility in Mumbai. In terms of adding more capacity, with a minimum target of selling 1,000 units in a few years, he said the current facility should suffice as of now.
“But if things really worked out well, if exports started going at maybe a higher pace than anticipated, then we would definitely have to look at alternatives, including expanding our facilities elsewhere. But at the moment, that is still a work in progress; think along those lines,” he added.
The provider of security solutions plans to cross ₹1,000 crore in turnover by the next year.
“The market has been growing, and we have grown by almost 20 per cent over the year before and anticipate this growth to continue going ahead, and also the export thing should definitely give us an additional fillip to the overall growth.”