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Godrej Security switching focus to retail segment: Official

Business Finance

Press Trust of India  |  Kolkata 

Godrej Security Solutions (GSS), a part of the USD 4.1 billion Godrej group, is focusing on home security solutions in a big way, as the commercial segment remains stagnant, an official said on Monday.

The security solutions provider switched its focus to home lockers and exports, as both the categories are growing at a steady rate, he said.

"Both the segments are growing at 25 per cent. The home lockers business is worth Rs 200 crore and is growing steadily," GSS Global Head - Marketing, Sales and Innovation, Mehernosh Pithawalla, said.

Exports of steel safes and lockers to Nepal, Bangladesh and the African markets were doing well, he said.

He said the company would be carrying out educative campaigns to spread awareness about quality lockers, as its penetration has been low, but holds huge potential.

Pithawalla said the commercial segment, mostly comprising lockers and safes for the banking sector, became stagnant as branch expansion of the lenders has slowed down.

GSS will also expand its footprint to 9,000 outlets across the country by 2020 from 7,000 outlets at present.

Of the company's current revenue, retail security products contribute Rs 200 crore, exports Rs 60 crore and the commercial category Rs 340 crore.

It is hoping to clock a 15 per cent growth in revenue in the current fiscal, he said.

In the domain of electronic surveillance, internal home security is still in a nascent stage, Pithawalla said, adding, the size of the market for CCTV-based surveillance is worth Rs 1,800 crore. GSS has a 5 per cent share in it.

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

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First Published: Mon, July 01 2019. 23:35 IST