 "Godrej Security sees Rs 1,200 cr revenue by 2025, bets on landmarks, BFSI")
Historical landmarks Taj Mahal, Qutub Minar, and Ajanta Ellora caves and lenders State Bank of India, Punjab National Bank, and Muthoot have one thing in common: their digital security systems are handled by one company.
Godrej Security Solutions, one of the largest such companies, sees revenue increasing by more than 33 per cent in three years: from around Rs 900 crore to Rs 1,200 crore by 2025. The company, which is part of the Rs 12,000-crore Godrej & Boyce, reckons that business will come from connected technology and face-recognition devices used by banking, financial services and insurance (BFSI) companies and monuments protected by the state-owned Archaeological Survey of India (ASI).
“We are working on BFSI space and ASI, both on connected parts of it. It is about smart access control devices, which are connected, which also works on face recognition. There will be a smart payment system too,” said Pushkar Gokhale, business head at Godrej Security Solutions.
“We are around Rs 900 crore on revenue this year, only for security solutions. We should be in that bracket of Rs 1200 crore by 2025,” Gokhale said.
The company gets around 35 per cent of its business from South India, where it has a loyal customer base. Around 70 per cent of its business comes from the B2B segment and the rest from the B2C segment.
“B2C is more about the home and residential market. There is a need for people to have a strong safe and locker at home. In this home business, we are expected to grow at around 20 per cent per annum. On the other hand, in the B2B segment we are close to 60 per cent of the market,” he said.
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He said that the company gets contracts from the ASI through tenders. “We are one company that is best placed with a pan-India service network and 24x7 call centres. That is one of the criteria why we have been selected for government projects, like Central Vista. We already have bagged two orders for the security of Central Vista,” said Gokhale, referring to Delhi's landmark administrative and tourist area.
“Future technologies in the segment are more looking at crown management. We are working on that side, using a face reader by identifying visitors and employees. Fingerprint biometric system getting replaced by face reader.”