Ahmedabad-based air cooler company Symphony Ltd on Friday said that the company plans to set up a manufacturing facility at Kandla Special Economic Zone (SEZ) to cater to the export market.
"A manufacturing facility would be set up at Kandla SEZ at an investment of less than Rs 1 crore. It would be operational in the coming two months," said Achal Bakeri, chairman and managing director, Symphony Ltd.
He stated that the facility would cater only to export market, adding that, the company currently exports to around 60 countries across North and South America, South-East Asia, among other regions.
The capacity of the manufacturing facility, he said, would be 100,000-200,000 units.
Regarding company's plans to expand its online presence, Bakeri said, "We started selling our products on e-commerce platforms from last summer but have not tied up with any platform for our products. Our sales are largely driven by modern retail units."
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Emphasising that company's focus was to drive sales through modern and individual retail units, Nrupesh Shah, executive director - corporate affairs, Symphony Ltd, said, "Sales from modern retail units has increased to more than 10 per cent in the last three years."
Bakeri said that Gujarat, which is company's home market, contributes 6 per cent annual sales nationally while Uttar Pradesh, the country's most populous state, contributed the highest to annual sales.
Of the 15% of air cooler market in organised sector, Shah said Symphony's share was 40%. He added that only 3% households in country have air-conditioners and 8% air coolers.
The company said that its market capitalisation crossed Rs. 5,000 crore on Friday from Rs 2.80 crore a decade ago. For the FY 2013-14, company reported net profit of Rs 105.72 crore on sales of Rs 532.42 crore.
