Godrej Security eyes 40% sales growth to Rs 170 crore this year

Godrej Security Solutions is eyeing over 40% increase in turnover from home safe products to Rs 170 crore for this year helped by innovative products launches.

"We are looking at Rs 170 crore turnover this year from our B2C business (business to customer)... We are seeing 35-40% growth in the home safe products. It is a niche product segment so we plan to push sales through disruption...launching innovative products," Godrej & Boyce Mfg. Co. Ltd.

Associate Vice President Mehernosh B Pithawala told reporters.

Home safe products accounted for Rs 120 crore in Godrej Security Solutions' turnover in the previous year.

Overall, Godrej Security Solutions is looking at Rs 860 crore turnover this year as against Rs 750 crore in the previous fiscal.

Pithawala added that penetration of home safe products in India is just 2%.

The company also launched a personal locker for everyday valuables priced at Rs 6,499. The products will be sold through modern trade electronic retail stores such as Vijay Sales and Croma.

The company has initially launched 'Goldilocks' product in 15 cities but it plans to start selling across India in the next few months.

"We also plan to sell it overseas but not this year. Right now we want to focus on the domestic market. We are looking at selling one lakh

'Goldilocks' safes in the remaining six months of this fiscal," he added.

Godrej Security Solutions will also launch more variants of the products later this year and next year.