Haier Appliances India is eyeing ₹10,000 crore turnover by end of 2024.
The company announced that the target turnover is in line with expected growth of 40 per cent and 30 per cent in revenue in 2023 and 2024.
“The plan is based on key elements including expanding the product portfolio. We are looking to expand the commercial air conditioners range and manufacturing in which the entire capacity is being upgraded and channel expansion is being aligned and planned. We finished the last financial year at ₹6,000 crore, the current year plan is to ₹8,000 crore and then next year do ₹10,000 crore,” said Satish NS, President, Haier India to businessline.
Haier India can produce one million air conditioners, 1.5 million washing machines, and 3 million refrigerators annually at its manufacturing plant located in Greater Noida and Pune.
Further, the company is expanding its Greater Noida plant and will invest ₹1,500 crore by 2025 for backward integration and localisation of components. With this, the production capacity will increase by 25 per cent by 2024.
Digitisation and growth opportunity
The company that is focusing on the premiumisation of its products is witnessing an uptick in demand. Further, the company is also undertaking digital marketing to tap audiences across market segments.
“We are seeing big opportunities in the market among mid and high-end consumers as they are willing to experiment. That segment is looking at products with quality. Our product strength is our core area. New age digitisation and media consumption allow us to address every consumer in their way,” added Satish NS.