CK Birla group firm Orient Electric said it would cross Rs 2,000 crore turnover in next four years, mainly on account of new products additions in existing segment and increase in exports.
CK Birla group firm Orient Electric said it would cross Rs 2,000 crore turnover in next four years, mainly on account of new products additions in existing segment and increase in exports.
The company, which presently exports primarily fans, is expecting the contribution of overseas sales to go up to 15 to 20 per cent in next 3-4 years from the present 10 per cent.
The company will continue to expand its product range in the exiting segments - fan, lighting, durables and switchgear.
When asked that whether the company would cross Rs 2,000 crore turnover in next four years, Orient Electric CEO Rakesh Khanna said: "We would definitely cross".
He further said: "We would grow at the rate of 20 per cent." Last fiscal, Orient Electricals had crossed Rs 1,200 crore in turnover, he added.
Presently, the company get 70 per cent of its revenue from fans, followed by lights which contributes around 20 per cent and rest 10 per cent is from durables and switches.
"However, we believe that in some time other business (other than fan) segment would increase and would be more than 50 per cent," Khanna added.
Orient Electric had launched switchgear in 2015 in collaboration with Slovenia-based ETI Group as the technology partner, and the vertical is presently contributing around 2 per cent of its total sales.
The company is also planning to participate in the government's plan to develop 100 smart cities and is aiming to start smart lighting segment.
"In the area of smart lighting of the proposed smart cities, that is the area where we can contribute. It would also have power efficient fans," Khanna added.
The company is expecting contribution from exports to be higher in next 4 to 5 years.
"We are strong in Middle East and Africa. We also export to the US and some European countries and our plan is for deeper penetration in all these markets," he said.
He further added:" Export presently contributes around 10 per cent...It will increase to 15 to 20 per cent in next four years."
Over the demerger and separate listing of Orient Electrical from its parent firm, Orient Paper and Industries Khanna said:"It would take time and date would be announced".
Khanna further said: "By 28th of this month, the demerger will happen but it will not get listed. Business will continue to be a part of Orient Paper. It would be shown as different business but it will be under Orient Paper. As the court process gets over, that is the time we can say that demerger is complete."
As part of its portfolio expansion, Orient Electric today launched its new Aeroquiet range premium ceiling fans priced at Rs 4,500. The company has roped in former Indian cricket skipper M S Dhoni for endorsement.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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