New Delhi, July 16: Homegrown firm Surya Roshni aims a double-digit growth in FY24 from its lighting and consumer durable business as the company is adding new products to the category as well as expanding its distribution network, a senior company official said.
Surya Roshni, known for lighting products, has introduced several new products into the kitchen appliance categories, said Jitendra Agrawal, CEO of Lighting and Consumer Durables business of the company.
“We are growing well. Last financial year, we had a growth of 16 per cent (Lighting and Consumer Durable business) and we will continue to grow with a similar pace,” Agrawal told PTI.
He further said: “Surya Roshni’s Lighting and Consumer Durable business is aiming to achieve double-digit growth in 2023-24. If we continue to grow like this, then it will become a sizeable business in the next 3-5 years.”
When asked about the growth drivers for the segment, Agrawal said Surya Roshni’s range of affordable products and its quality helped by rising consumer aspirations and its wide distribution network would lead to the broadening of its business.
“A lot of consumers are going for nice homes and some are upgrading also. The number of light points is increasing. They want nice and efficient products,” he said adding the company is developing products based on these insights.
Moreover, investment in R&D and continuous expansion of the product portfolio would also help, he added.
Surya Roshini, which was mainly in the consumer and institutional business of the lighting space, has in the last few years entered product categories such as fans, electric water heaters, kitchen appliances and more.
To increase the visibility of its products ranging from fans, kitchen appliances, lights and heating appliances, Surya Roshni also has plans to have a dedicated place in the larger stores in a shop-in-shop format.
For the financial year ended on March 31, 2023, Lighting and Consumer Durables Segment revenue was at Rs 1,545 crore. Surya Roshni’s overall revenue in FY23 including its steel pipe and Strips Segment was at Rs 7,997 crore.
In the B2B light space, the company has around 30 per cent growth. It contributes 24 per cent of the overall business of the Lighting and Consumer Durable business.
“We have a very strong footprint in the B2B lighting space with several government infra projects. We have also projects from private entities for factories, power plants and also for facade lighting,” he added.
Similarly, it also has a double-digit growth in consumer lighting last fiscal.
“We are the largest branded manufacturer in the lighting space,” Agrawal added.
The company has two manufacturing units at – Malanpur, MP and Kashipur in Uttarakhand, for its Lighting and Consumer Durables business, where it employs over 3,000 people. Besides, it has one R&D unit in Noida. (PTI)
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