The company, which follows a January-December financial year, will close the ongoing year with revenue of ₹11,000 crore. This is a growth of 25 per cent and is helped by bumper sales of TVs after the goods and services tax (GST) rate cuts.
The company, which announced the launch of its new Gravity AI Series air conditioners, has a new manufacturing capacity in Greater Noida, which would capacity from 1.5 million currently to 4 million by 2027.
“The AC penetration levels in the country are still at 11 per cent, which is abysmal and lowest among large appliances. When we see the way the economy is growing and temperatures are soaring, there is a lot of headroom for growth. With the introduction of new consumer financing options and the GST rate cuts announced earlier this year, we expect demand to keep going up,” NS Satish, president, Haier India, told Business Standard.
The AC category recorded a growth of 20 per cent this year, for the company.
The company is also planning to invest ₹3,500 crore in the Indian market in the coming three-four years, in a phased manner. This will help create “12,000 indirect and direct jobs in the country,” Satish said.
“The idea is to become a household name. We enter a home with one category and slowly expand our presence in each household with our varied offerings — from ACs to TVs and washing machines to refrigerators,” he added.
Haier India has an 8 per cent market share in the Indian AC and washing machines market, and plans to take the AC share up to 17 per cent by 2030.
In the refrigerator segment, it has a market share of 14 per cent, and a 9 per cent share in the LED TVs. In commercial refrigeration, the company has a share of almost 26 per cent.
 "NS Satish")