Kolkata, July 25 (IANS) Godrej Interio, a leading furniture manufacturer, is looking at 25 per cent growth of its revenue to Rs 2,500 crore in the current financial year, a company official said here on Wednesday.
The company plans to invest Rs 300 crore in its plants and machinery for a period of three years and Rs 100 crore would be invested in the current fiscal for opening new 35 stores across India, company’s Chief Operating Officer Anil S. Mathur said.
“Our revenue is expected to reach Rs 2,500 crore in the current financial year while the company posted a revenue of Rs 2,000 crore in the last fiscal,” he told media persons on the sidelines of the opening of a flagship store here.
Of the company’s total revenue last year, the business to business (B2B) segment, including office furniture, turnkey projects, healthcare and lab furniture and others, clocked a revenue of Rs 1,200 crore while the revenue from business to consumer (B2C) segment was Rs 800 crore.
“We are expecting B2C segment to grow to Rs 1,500 crore and revenue from B2C is expected to be reaching Rs 1,000 crore,” he said.
“Our total investments in plants and machinery in the next three years would be Rs 300 crore,” he said, adding that it has seven manufacturing facilities situated at Mumbai, Haridwar, Shirwal and Bhagwanpur.
In addition, the company would be investing Rs 100 crore in the current fiscal for opening of 35 new stores across India .
In its portfolio of furniture, non-metal products have a share of 75-80 per cent while metal furniture has the share of 20-25 per cent, he said.
The company, which has presence in multi-brand online sites, is coming out with an own e-commerce site in the next 4-5 months, Mathur said.
Mathur said the market for home furniture for organised players has been growing by about 20 per cent while the growth for overall market including organised and unorganised was about 8-10 per cent.
With the reduction of Goods and Services tax rates from 28 per cent to 18 per cent, the organised players became more competitive because pre-GST period, overall taxation including excise duty and sales tax was to the tune of 27 per cent.
He also said the home furniture segment in India was estimated to be around Rs 50,000 crore and the organised players have 20 per cent market share. From a state perspective, West Bengal market was estimated to contribute about Rs 5,000 crore.
“Bengal market contributed nearly Rs 200 crore to our overall revenue last year,” he added.