Crompton eyes ₹10,000 crore revenue, focus on premium products

Banking on its innovations and growth in premium products, small appliances maker Crompton Greaves Consumer Electricals is eyeing a revenue of ₹10,000 crore to be achieved ‘soon’. The company reported a revenue of ₹7,380 crore in FY23-24.

The company, which makes a range of fans and lighting products, has been witnessing a demand uptick with the onset of summer and expects to cross $1 billion in sales this fiscal year, according to a top official. The consumer electrical itemmaker has introduced NUCLEUS – an in-house advanced BLDC platform aimed to enhance product performance, reliability, and efficiency – and the XTECH Platform to deliver higher energy efficiency and durability of products.

“The company is at ₹6,000 crore for three quarters this year. One of the better quarters is coming up. We are looking at the ₹10,000-crore revenue mark soon,” Promeet Ghosh, Managing Director & Chief Executive Officer, told businessline.

Premiumisation

The Mumbai-headquartered company that has a market share of 27 per cent in fans is anticipating robust growth in its premium fans.

“We see premiumisation as a theme cutting across product categories. The company has started certain categories as premium first. In fans in the premium segment, we had a market share of about 15 to 16 per cent about 2 to 3 years back and we are now close to 25 per cent. We want to take that up to 40 per cent in the next 3 to 4 years,” Kaleeswaran Arunachalam, Group Chief Financial Officer and Head of Strategy of Crompton Greaves Consumer Electricals told businessline.

E-comm growth

Crompton Greaves Consumer Electricals have recorded double-digit growth in e-commerce and is eyeing to penetrate deeper into the quick commerce space.

“We have strong growth in the e-commerce channel and are stepping up the quick commerce network. There are limited products that can be sold through the channel, particularly those that do not require installation. We are actively looking at opportunities to penetrate the quick commerce segment,” said Ghosh.

Export push

The company will also leverage its newly-launched technologies to grow its exports and foray into new geographies.

“The exports have grown at a strong clip over the last two years, but on a small base. We sell to countries in Africa, Asia and South East Asia. There is no reason why our exports should not start going to developed markets,” added Ghosh.