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Home appliances firm Whirlpool of India is targeting up to 12% growth in turnover at Rs 3,700 crore in the current fiscal on the back of new product launches including hi-end kitchen appliances and prudent cost management.
"This year is expected to be better than last year. We are targeting 10-12% growth and turnover of Rs 3,700 crore. We will launch new products and be more prudent with cost to achieve growth," Whirlpool of India Vice President (Corporate Affairs & Strategy Asia South) Shantanu Das Gupta told PTI.
The company had reported a turnover of Rs 3,391 crore in the previous financial year.
Das Gupta added that the company expects the economy to be back on track in 18-24 months time.
"There is a positive market sentiment. But, we expect the economy to report good growth in 18-24 months," he said.
Whirlpool said it will launch 200 products this year in four key categories - refrigerators, washing machines, air conditioners and microwave oven.
Das Gupta said the company will focus on hi-end products in its key categories to achieve its growth target.
The company will invest Rs 150 crore this year on product innovations, marketing and advertising.
"We have put on capacity expansion on manufacturing side. But we will continue to invest on rolling out new products. We will invest Rs 150 crore this year," Das Gupta said.
"We would be more efficient in the way we do business in all segments. The intention is to safeguard margin by delivering a higher rate of productivity in all areas of the business," he added.
The company, which is focusing on its emerging product category - hi-end kitchen appliances, has partnered with Bangalore-based Something's Cooking Culinary Arts to organise Kitchen Wars, a corporate culinary contest.
"With the recent introduction of our built-in appliances range, there is no better place to showcase not just our products but also our consistent performance," Das Gupta said.
