"This year we are expecting a topline of Rs 4,000 crore. We ended last year at around Rs 3,250 crore. With a good monsoon and 7th Pay Commission, I am sure the discretionary spend and the disposable income in the hands of the consumer will be much higher," Godrej Appliances Business Head and Executive Vice President Kamal Nandi told PTI.
"Festive demand will be better this year than last year. Last year, we experienced festive demand of 7-8 per cent and this year we are expecting it to be anywhere between 15-18 per cent. That is the kind of growth we are expecting, double of last year," he said.
The company, which spends 5 per cent of its turnover on marketing, enjoys a market share of 14 per cent in the overall Rs 13,500 crore refrigerator industry, 10 per cent share in the estimated Rs 5,100 crore washing machine industry.
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With consumers becoming aspirational, the company is focusing on premiumisation across all segments.
"Premiumisation is something that people are seeking and that is happening across segments. We are seeing that people are seeking premium products...Because the affordability is going up. Even at entry level, people don't want to go to the basics but want something aspirational. Premiumisation is the strategy that we have adopted across segments," Nandi said.
"NXW is targeted to the premium-most segment and there the potential is growing faster than any other segment. Today, the segment is about 10-12 per cent of the Rs 30,000 crore appliances industry and it should grow to 20 per cent plus by 2020," he said.
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