Havells India Limited, a $1.3-billion FMEG (fast-moving electrical goods) company, is looking to increase its market presence in India by adding 50 exclusive Galaxy stores by the end of this financial year, of which 24 will be in south India alone, said joint managing director Anil Gupta.
The company currently has a network of 172 Havells Galaxies across the country, including 60 down south. Today, Galaxies contribute close to Rs 500 crore to the company's overall revenue.
“We are seeing a strong domestic growth propelled by the rise in demand for electrical equipment and market shifting towards branded products. South India is an important market for us and it today contributes one-third (Rs 1,200 crore) of our domestic revenues. We expect south India to grow by 50% by the end of this fiscal,” he said.
As part of its strategy and ahead of the festive season, Havells has launched a new range of domestic appliances, including coffee maker, electric kettle, pop-up toaster, sandwich maker, induction cooker and mixer grinders.
“The launch of domestic appliances business is in line with our plan to serve the end customer directly. We expect to garner a 10-12% market share in the domestic appliances business in the next three years with revenues of Rs 500 crore,” Gupta said.
Havells India Limited’s scrip is currently trading at Rs 650 on the BSE, up 0.32%, over the previous close of Rs 647.95 a share.