Godrej Locking eyes Rs 750 cr sales this fiscal

Godrej Locking Solutions and Systems, part of Godrej & Boyce Manufacturing Company, is eyeing a 15 per cent sales growth to Rs 750 crore this year.
"We would have sales of around Rs 750 crore in the current fiscal. Last year we were around Rs 650 crore. We are growing around 20 per cent year-on-year," Godrej Locking Solutions and System EVP Shyam Motwani said.
The company today launched Arsa range of super premium antique brass and copper mortise locks with prices starting from Rs 20,000 onwards. It is aiming sales of around 2,000 units of the Arsa range in the domestic and international market this fiscal.

The company also said it is eyeing Rs 3,000 crore sales by FY 2022-23 and would invest Rs 80 crore in the next two years for its production capacity.
Presently, around 83 per cent sales of the company comes from retail, 14 per cent from B2B channel and rest 3 pert cent from exports.
"We have an aspiration of make B2B growing faster than B2C and become a larger contributor to our revenue," Motwani said adding that the Godrej group firm is focusing on collaborative approach and partnering many of its B2B customers as real estate firms for its locking solutions.

However, he also added that last fiscal there was a slow down in sales because of the sluggish economy, but is hopeful of bouncing back.
The company is also expecting ratio of its exports to go up in the coming years, as it is scouting for more geographies with enhanced products range.
According to Motwani, the total size of the lock industry in India is around Rs 4,500 crore.