Godrej Locking Solutions and Systems is aspiring to be a Rs 1,000-crore company in the next two years, driven mainly by addition of new products and venturing into new segments.
The Godrej group firm, which today forayed into kitchen fitting segment, is aiming to have up to 10 per cent market share in the category in the next three years targeting the urban middle-class.
"We are looking for a revenue of Rs 1,000 crore in next two years. We are growing between 18 to 20 per cent per year. With addition of these new products as kitchen fitting range, we would be able to grow beyond 20 per cent," said Godrej Locking Solutions and Systems Executive VP & Business Head Shyam Motwani.
At present, the Godrej group firm has a revenue base of over Rs 700 crore, he said.
"We have plans to add more products for next two to three years and get into more categories," Motwani said.
However, he declined to share the information on it but said that they would be in synergy with its core business.
"We are getting in all related business of hardware. We are in locking, fittings of furniture, glass fittings, also have cabinets. It's all adjacent to our core business," Motwani said.
On kitchen fitting segment, he said: "We are looking for 10 per cent market share in next three years from this venture, which would be around Rs 600 crore."
The company would synergise its existing marketing channels and trade partners to push its kitchen range.
"We would be leveraging our brand, network and we would put together a range with an understanding of Indian kitchen requirements," he said.
According to Motwani: "When we look at our current network of channel partners, where we do our lock and locking solution business, architectural hardware for main door, glass fitting etc, the trade channels is the same and there is an overlap of 70 per cent of the trade with kitchen fitness business also," he said.
Presently, kitchen fittings has a market size of around Rs 3,000 crore and is growing with a CAGR of 20 to 25 per cent, Godrej said.
