Godrej Locking Solutions and Systems, part of Godrej & Boyce, is eyeing Rs 1000 crore revenue by FY22, betting on premiumisation and its entry into new categories, especially kitchen fittings.
This year, the company aims to clock a revenue of Rs 720-750 crore from over Rs 600 crore in FY 18.
“If we continue to maintain a compounded annual growth rate (CAGR) of 18 per cent, going forward to FY 21-22, I think we should be able to have a four-digit revenue by then, which is Rs 1,000 crore plus,” Godrej Locking Solutions and Systems EVP and business head Shyam Motwani told PTI.
He expects architectural fittings and premiumisation of some segments of the locks category to be the growth drivers.
“We plan to introduce new products in the course of this financial year and next financial year. This will accelerate the contribution of that (architectural fittings) category to our overall revenues and this is what is going to drive us to the four-digit revenue plans in the next two to three years,” he said.
He added that the company aspires architectural fittings and solutions to be 50 per cent of business in the next 2-3 years and wants kitchen fittings to be a fifth of architectural fittings and solutions.
The company, which contributes 7 per cent to Godrej and Boyce’s revenue, currently exports to 27 countries and expects its share from overseas market to increase and is also planning to enter in the architectural fittings and solutions segment in these markets.
Exports contribute to around 5 per cent of revenue. “We are looking at the double-digit contribution from exports as well. We will look at newer geographies, newer markets, and relevant products for those markets,” he said.