Signify aims double-digit growth from Indian business in 2024: CEO

Signify, formerly known as Philips Lighting, is targeting double-digit growth from its India business in 2024, a top company official has said.

The company, which overall leads the Indian lighting market, also has plans to increase exports from India to other markets, playing a bigger role, Signify CEO and MD Sumit Joshi said.

"India is a very important market not because of the domestic market which we have, but also the role which India could play for the world for Signify is becoming far more important," Joshi told PTI.

On the domestic market, in which Signify operates in the consumer segment (B2C) and the professional lighting solutions (B2B) vertical, he said the company has been able to "extend its leadership".

When asked about the growth, Joshi said: "I think we will continue to do on the consumer part of the business on volume we will continue to grow. In the first half, we are growing in high single digits, hopefully after the budget during the festivals, the numbers will go up".

While on the professional side of the business, the growth is going to be much more than the consumer business.

This is because of the development of new infrastructure like roads, airports, and metro rail projects, among others.

Moreover, now a lot of people want to design their buildings with facade lighting, more monuments are getting lit, more offices are coming up and people want to go for connected lighting.

"If all these continue, then the growth is not a problem. I think, maybe high double-digit growth can come this year," he said, without sharing any revenue numbers.

The company has launched specific brands in the Indian market like Ecolink, which targets the affordable segment and has done well. Besides, it has launched the facade lighting brand CK (Color Kinetics) and its IoT platform Interact.

"Now, I think more than 95 per cent of what we do is in LED, and I am very happy that our teams, customers and partners have supported us in this transformation. We are playing our role in making India far more energy efficient. So, we continue to play that leadership role," he added.

According to Joshi, Signify will continue to play the leadership role in a market like India, "which in some parts becoming very competitive".

On Friday, Signify launched NatureConnect lighting, designed to enhance well-being by bringing the benefits of natural light indoors.

Inspired by biophilic design principles, Singnify claimed NatureConnect mimics the natural rhythm of sunlight, promoting a healthier circadian rhythm, improved mood, enhanced focus, and better sleep quality.