You are here: Home » PTI Stories » National » News
Business Standard

Godrej Appliances targets Rs 4,000-crore revenue in FY18

Press Trust of India  |  Hyderabad 

Godrej Appliances today said it is targeting about 20 per cent growth in topline in the current fiscal to Rs 4,000 crore from Rs 3,300 crore in FY17.

According to Kamal Nandi, Executive Vice President and Business Head, Godrej Appliances, the home appliances industry was hit by demonetisation during the third quarter of the last calendar year and this year the growth would be in the range of 10 to 12 per cent.

"Last year we clocked revenue of Rs 3,300 crore. This year we are targeting Rs 4,000 crore. We are looking at 20 per cent growth. The industry is expected to grow at 10 to 12 per cent with better performance expected during the second half of the year as compared to last year," Nandi said at a press conference.

According to him, refrigerators contribute about 55 per cent and air conditioners around 20 per cent to its overall revenue.

The GST slab for appliances was fixed at 28 per cent while the pre-GST the average tax across various states under the VAT regime was ranging from 23.5 per cent to about 26 per cent.

"During the VAT regime, the average tax was 24.5 per cent. Against that 28 per cent (of GST) means 3.5 per cent net increase. The industry has represented to the Government to bring the slab down," he explained.

He said the industrys growth rate slipped to about 5 to 7 per cent in the first half of the current fiscal due to demonetisation from 15 per cent in the same period of the previous year, he added.

The consumer durables manufacturer today launched a new range of front-load fully automatic washing machines under its sub-brand Godrej Eon here.

These machines are equipped with a new feature called Allergy Protect, a superior wash programme, certified by Allergy UK, that is effective in getting rid of seven common allergens and bacteria, Nandi said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, October 11 2017. 15:42 IST
RECOMMENDED FOR YOU