LG Electronics India eyes 20% revenue growth in 2013

Will invest around Rs 1,500 cr this year on various segments

Consumer durables major LG Electronics India today said it expects revenues to grow by 20% in 2013, riding on robust performance by its home appliances division.

The company, which is looking to close 2012 with a low single-digit rise in its turnover, will also invest around Rs 1,500 crore in this year on various segments.

"In this year, we are expecting to grow our overall business by 20%. Our growth driver will be our strong portfolio of home appliances," LG Electronics India Managing Director Soon Kwon told PTI here.

He said contributions from refrigerators are expected to increase to Rs 5,300 crore in this year compared to Rs 4,570 crore in 2012.

"We are the market leader in home appliances division and we have a very robust product portfolio. We will continue to be a strong performer in this segment," Kwon said.

The company is, however, expecting an over 30% fall in CRT television segment, he added.

Asked about revenue for last year, Kwon said: "We will announce the detailed results in next one week. It will be a very very minimal growth in low single digit."

Talking about investment plans, he said the company will put in around Rs 1,500 crore in this year on engineering, R&D, developing new products, refreshing equipments, advertising and other promotional activities.