Haier India has grown by over 50 per cent in the first half this year and expects to close 2018 with net sales of about Rs 3,600 crore, a top official has said.
The Chinese appliances and electronic goods maker aims to be a USD 1 billion (Rs 6,900 crore) firm by 2020 in its "key market" India by continuing high double digit growth, he said.
Haier India president Eric Braganza said the company expects to be among the top five brands in its segment and is looking to be among the top three players within 2-3 years.
"We have grown in value terms by around 55 per cent in H1 (first half)," Braganza told PTI.
"We have already done business close to Rs 1,850 crore in H1 and expect this year to close around Rs 3,500 crore to Rs 3,600 crore," he added.
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On being asked as to what led to such fast-paced growth, he said: "Its combination of various factors such as we delivered the good quality products which the Indian consumers want at reasonably price. We provided a wide range to chose from."
He added: "Our marketing and advertising has been very positive. We highlighted products and features and the Indian consumers understood that very well."
Braganza said the growth could have been even higher in the H1 as Haier, like other companies, is paid 28 per cent GST, whereas in the corresponding period last year, it was paying only 14 per cent VAT.
"We have grown 91 per cent in refrigerator business in the mid and high segment. In washing machine, we have grown 71 per cent and in AC we have grown 48 per cent," he said.
While in TV segment, Haier has reported 51 per cent growth during January-June period of 2018.
"We have reported 136 per cent growth in water heater as we have started local production here in Pune, 41 per cent in Micro Wave and 33 per cent in deep freezer," Braganza said, adding, "When April and May, every body was crying about the growth, we were flying."
The company, which follows January-December financial year, had a net sales of Rs 2,350 crore in 2017.
"We are now aiming to be a billion dollar company in India by 2020 and be among top three durable maker," he said, adding that "presently India is among top 5 overseas market for Haier."
The company has dealership network of around 7,000 in which 1,500 are direct dealer and rest 5,500 are indirect mixed ones.
Besides, the company also has around 80 exclusive brand stores, which exclusively showcase Haier products only.
The company had two years before invested around Rs 490 crore at its plant in Pune to expand its production capacity.
"We have invested Rs 490 crore at our plant at Ranjangaon Pune to double capacity of refrigerator production and make new products too. We had to increase the production capacity due to the growth in the sales, therefore we had to build up additional manufacturing facility in India," he said.
The company presently sources around 70 per cent locally for production and expects it go higher as it is increasing the number of models manufactured in India.
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