Intex Technologies is eyeing 60 percent growth in the consumer durables business in 2018-19.
The company, which is one of the late entrants in the consumer appliances segment, intends to strengthen its presence in the refrigerators, air-conditioners and washing machine segments this year. Nidhi Markanday, Director, Intex Technologies, said, “We garnered revenues of about Rs 1200 crore from the consumer durable business in 2017-18. We are targeting 60 percent growth this financial year.”
Over the past 2-3 years, Intex Technologies has been foraying into new categories, in a bid to become a full-scale consumer electronics company. At present, LED TV segment contributes nearly 70 percent to the company’s consumer durable revenues. But, with the launch of these products in new categories it is hoping to change this mix.
“In the refrigerators segment, we started with the launch of direct-cool refrigerators range. We are now gearing up to launch our frost-free refrigerators range in this quarter,” she said.
The company will also ramp up its range of top-load and front-load washing machines this year. It has already launched its new range of air-conditioners for the summer.
The company will also focus on improving its distribution network and spends on advertising this year.
“We believe there is a huge untapped opportunity in the tier- II and tier-III towns in the consumer durables segment on which, we are strategically focusing. We feel Tier-I cities are now saturated. Our brand proposition is to offer value-for-money products at competitive prices,” Markanday said.
The company believes its consumer durables business will get a big boost, once its new manufacturing facility at Greater Noida starts production. “At the moment, we depend on OEMs to manufacture products such as washing machines and refrigerators. We will gradually start manufacturing the products at our upcoming manufacturing plant in Greater Noida,” she said.
Asked about the intense competition in the LED TV and smart TV segments with the entry of new players, Markanday said, “Currently we have about 5-6 percent market share in the LED TV segment. We hope to maintain it this year. Moreover, new entrants are focused more on the e-commerce channel. But we are targeting the offline channel for expansion.” – Hindu Business Line