Samsung eyes 40% growth in turnover

Samsung India Electronics is looking to post a 40 per cent growth in its turnover to $5 billion (about Rs 23,500) this year, a top company official said here on Friday. 

“We expect a growth of 40 per cent this year from $ 3.5 billion last year to $5 billion this year,” said K Mahesh, vice president, home appliances, Samsung. Meanwhile, he showed confidence that though inflation is a cause for concern, the firm will be able to cash in on the upcoming festive season.“Inflation and high interest rates notwithstanding, the firm hopes to meet the growth target this year.  I don’t see a decline in growth due to the above reasons. Across all categories, we are performing well,” he added. According to him, among the different divisions, audio-visual business is set to clock 80 per cent growth, while the home appliances division is likely to grow by 20 per cent this year.  

“We have recently invested Rs 350 crore in Chennai plant to upgrade our capacity. We are also planning to invest Rs 110 crore in advertising and Rs 150 crore on consumer promotion campaign in festive season,” Mahesh said.

Speaking on the sidelines of the launch of the firm’s festive offers “Smart Utsav”, Raj Kumar Rishi, vice president and head of Samsung audio-visual business said, “During the festive season, we are expecting a business of Rs 2,500 crore, with a total outlay of gifts worth Rs 150 crore. We expect our sales to grow 30 per cent during the season and eastern India is set to contribute a major chunk of this.” The firm is also focusing on tier II, tier III and tier IV cities to expand the market share.