Morphy Richards aims big

Morphy Richards India, subsidiary of UK-based home appliances major Morphy Richards aims to achieve a turnover of Rs 500 crore in next three years, a senior official of the company said here on Friday. Morphy Richards is a unit of the $1.3 billion Glen Dimplex Group.

The company's annual turnover at present stands at Rs 204 crore. The premium appliance major is in partnership with Bajaj Electricals Ltd (BEL) since 2003 in India. Bajaj Electricals provide marketing and after-sales of the company in India. BEL pays a royalty for the purpose to the UK-based company.

The products which include steam irons, coffee makers, toasters and food processors are mostly targeted at the premium-end market. " We will contribute to serve the premium segment as our partner Bajaj Electricals products are considered as value-for-money," he said.

According to K.H Mowar, vice president and head, Morphy Richards India, the company is at present the market leaders in OTG, kettles and toaster segment in the country. " We have a market share of 25% in the premium home appliances segment," said Mowar. Premium-end products make up 20% of the Rs 1,800 crore consumer durable market of India.

The company which launched its new range of storage water heaters and multi-geysers said that there is an increased demand of water heater, room heater and microwave oven in the country with on set of the winter. " We have a huge range of products but our focus will mainly be on microwave oven, water-heater and room-heater segment," said Rajat Dheer, general manager and head, sales, Morphy Richards, India.

The company also plans to ramp up its manufacturing activities in India. At present, Morphy Richards imports most of its products from its parent company Morphy Richards, UK. " Within next two years we will start manufacturing microwave oven in our Nashik plant," Mowar said.