Mumbai: Godrej Locks, a business unit of Godrej & Boyce, is eyeing 24% growth in the revenue this fiscal at Rs 397 crore, on the back of growing demand in both domestic as well as overseas markets.
“We are the market leaders in the organized locks segment in the country, enjoying 45% share. We are growing above the market that is growing 15%, we expect to grow 24% in this fiscal and for the next three years,” Godrej Locks executive vice president and business head Shyam Motwani said.
The Godrej Group company, which started operations way back in 1897, had reported Rs 320 crore revenue in the past fiscal, he added.
The domestic locks market - organized and unorganized - is about Rs 2,500 crore.
Godrej Locks also exports to developing countries like Sri Lanka, Nepal, and a few countries in the Middle East and Africa, Motwani said.
“We are seeking to strengthen business in the existing markets like Sri Lanka, Kenya and Saudi Arabia, and are also exploring new geographies like Bangladesh and South Africa.”
The company’s exports revenue stood at Rs 14 crore in FY11, Motwani said, adding “We are expecting around 7% growth in exports this fiscal.”
It is also exploring contract manufacturing options in North America and Europe. “There is huge opportunity in contract manufacturing with European and North American firms. We are already in talks with a few companies and are expecting some tie-ups in the next fiscal,” Motwani said.