Lighting firm Halonix Technologies is eyeing over two-fold increase in its turnover at Rs 1,000 crore by fiscal 2020 and aims to become one of the top three players in energy saving lighting segment in India.
"We are targeting Rs 1,000 crore turnover by financial year 2020 and come among top three players in the energy saving lighting space," said Halonix Technologies Managing Director Rakesh Zutshi.
He further said: "At present, Phillips is the market leader in terms of market share followed by Syska LED. Then come players including Bajaj Electricals, Havells, Crompton Greaves and Halonix with 5-7 per cent market share each. We are looking at becoming one of the top three players."
The company, which is expected to close the current financial year with a turnover of Rs 400 crore, has a portfolio of products across LED, luminaires, home decorative lighting, commercial and industrial lighting, street lighting, flood lighting, halogens and high intensity discharge lamps.
Retail sales account 75 per cent of the company's total turnover while institutional client contribute the rest.
Elaborating on growth potential, Zutshi said: "LED segment in India is still evolving and there is huge opportunity in terms of innovation which lighting industry players can tap. We are focused only on Indian market for growth".
Halonix Technologies is 100 per cent owned by Hong Kong-based private equity firm NewQuest Capital Partners.
At present, in India's lighting industry, 70 per cent of sales come from energy saving products, while 30 per cent from incandescent light products.
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