Godrej Locking Solutions & Systems is one of the oldest and most trusted locking solution providers provides in India. With a legacy spanning over 100 years, the company now provides locking solutions across homes, offices, industries and government premises through consultants, contractors, key institution customers & retail markets.
In an interaction with Yash Ved of Newsbarons, Shyam Motwani, Executive VP & Head of Business, Godrej Locking Solutions and Systems informed “We are eyeing 12% growth target for the next fiscal”.
NB: What is the size of the unorganised market?
Shyam: The overall lock market in India is valued at INR 4500-5000 crore, which is largely unorganised and fragmented. At present, about 60-70% of business in this segment is unorganised and we expect that over the next 2 to 3 years the organised share will grow to 35-40%.
Among organized players in the locking solutions market, it has a lion’s share of the market.
NB: What is your business strategy?
Shyam: The design-led innovation will be one of the core pillars of our business growth strategy along with new product offering, increased reach within domestic market and expansion to several key international markets.
NB: What is the importance of a design-led innovation strategy?
Shyam: Consumers across the world are increasingly getting design conscious. They want to design their home and ensure that the whole house syncs in both design and functionality. The design thinking and technology expertise has helped locking solutions emerge from the shadows of being a functional product to a technology and safety driven product. Therefore, design-led innovation and customer centricity will continue to be our core focus areas. We plan to introduce several new products under different categories which will be an amalgamation of aesthetics and performance.”
NB: What is your growth target for FY18-19?
Shyam: We are eyeing 12% growth for the next fiscal.
NB: What is your current market share?
Shyam: We have about 40% market share in locking solutions.
NB: What percentage of sales comes from retail and B2B channel?
Shyam: About 80% of sales comes from retail and 13% from B2B channel.
NB: What is your revenue target?
Shyam: The company aims to cross a business revenue of INR 1000 crore by FY 2020.