Godrej Appliances, a division of the diversified company Godrej and Boyce Mfg Co, on February 16, 2023, the company introduced India’s first leak proof residential split air conditioner and they are expecting a growth of 1200 crore from this premium product.
According to a senior company official, the company is expecting an increase of 20 per cent which is around Rs. 6200 crore in gross sales in FY24.
“The gross sales of Godrej Appliances is expected to be around Rs. 5200 crore in FY23 and with a close 20 per cent growth, we would be around Rs. 6200 crore”, said the Business Head and Executive Vice President, Kamal Nandi, Godrej Appliances to PTI
“We are expecting a severe summer and may be an elongated one and as a result, demand for the cooling category will be high”, Nandi said.
The demand for air conditioners decreased last year due to the inconsistent rainfall and because of the inflationary trend the companies had to implement revised price hikes, he added.
“Sentiments are much better between last year and this year. We can also expect more discretionary spending this year as people will have more money in their hands with tax reliefs”, Nandi said.
“Going forward, we don’t see prices moving up beyond 3-5 per cent, given that China opens up. The industry would be able to manage it and not adversely impact the demand,” he said.
Godrej Appliances manufactures a range of home appliances including refrigerators, air conditioners, washing machines, microwaves and televisions.
Nandi stated that currently, 15 percent of Godrej Appliances total gross sales is from air conditioning and it is anticipated to increase to approximately 22 per cent.
In addition to a strong product range for the upcoming summer season, the industry is anticipating an increase in air conditioner sales of over 100 percent compared to the previous year
