Kerala-based electrical appliances manufacturer V-Guard Industries, which had launched induction cook tops earlier, is planning to now launch mixer grinders.
“We see a lot of opportunity in the kitchen appliances business. To strengthen the portfolio, we will be launching mixer grinder next year,” said Mithun K Chittilappilly, managing director, V-Guard. The focus markets for a few years would be South India, where the company has a dominant position, he added.
It would import these products from China and would look at setting up an assembling facility at Himachal Pradesh in a year or two.
The induction cook tops was launched in May last year in Kerala and later in Karnataka. The eight-month-old business was seeing around Rs 2 crore revenue a month and expects to increase it to Rs 3.5 crore next year, he said.
At present, the kitchen appliances market is around Rs 15 crore and next year the company expects around Rs 50 crore.
Meanwhile, it reported a 23 per cent growth in net profit during the third quarter ended December 31 to Rs 15.35 crore from Rs 12.45 crore a year ago. Revenues rose to Rs 349 crore, from Rs 246.60 crore, an increase of 42 per cent.
The company would also bring down the contribution of the Southern markets to its total business — from around 77 per cent to 60 per cent over 3-4 years, said Chittilappilly. For this, it has started focusing on the National Capital Region, Punjab, Uttar Pradesh, West Bengal, and Odisha among others.
