Luminous Power Technologies is expecting solar business to contribute up to 35 per cent to its overall business in next five years as the company prepares to foray into solar-based solutions for homes.
Luminous Power Technologies would enter the business of solar-based solutions for residential homes in next six months, according to its Managing Director Vipul Sabharwal.
Besides, the power back-up solutions provider is also in talks with several lending companies to provide financing options of its solar-based solutions to customers, as the one-time installation cost is quite high.
"If we take a five-year horizon, the solar market would grow more than 20 per cent and this 15 per cent (solar business of the company) should become at least 30 to 35 per cent of our business," Sabharwal told PTI.
The company presently generates 15 per cent of its revenues from the solar vertical, where it is present in the component supply segment.
Luminous would also go for product enhancement and refine its solar products.
"In the next 5-6 months we would hit the market with the complete integrated product in the solar segment," he added.
"There would be an integration of solar and power back-up at the residential level. There would be much higher adoption of solar at one part of the business we see," he said.
Besides, the company is also expecting 15-20 per cent revenues from its international business and 20 per cent from the home electrical segment in next five years.
Luminous Power Technologies, in which Schneider Electric has 74 per cent stake, has a turnover of Rs 2,800 crore.
"We should be able to cross Rs 5,000 crore in next five years," he said adding that "As of now, we have a CAGR growth of 21 per cent."
The company has divided its business into two parts - Power storage business and Home Electrical Business.