New Delhi: One of the leading consumer electronics brands of yesteryears, BPL is gearing up for a major revamp of its product portfolio as it looks to more than treble its turnover to Rs 1,000 crore in the next three years.
The company, which is now also present in power products, said it will be kicking off the revamp initiative with the segment.
“We are restructuring our entire portfolio. A lot of work is being done on how to innovate our products and studying consumer insights to connect back to the consumers,” BPL Techno Vision chief financial officer Vijaya Kumar told PTI.
BPL Techno Vision is a part of TPG Nambiar promoted-BPL, which specialises in energy solutions and sells power products like batteries, CFL, Florescent and LED lightings.
“We are spearheading the initiative (portfolio revamp) with our power products,” he added.
BPL is betting on its energy storage products, which contributes about 20% to its overall business. It has recently launched a range of rechargeable LED lighting products under the brand ‘BPL Chirag’ keeping the rural customers in mind.
“Through the BPL Chirag range, we are targeting the rural markets because that is where there is severe problem of power. So through these products, we are getting into the hinterlands of various states,” he said.
The new initiative is part of a strategy to increase its turnover by over three-folds by 2014.
“As a group, last fiscal, we had a turnover of Rs 300 crore. Our aim is to achieve Rs 1,000 crore in the next three years,” Kumar said.
He, however, declined to share specific information on the launch of its other consumer durables products but said new range of televisions, refrigerators and washing machines might be introduced in the third quarter of the fiscal.
The company is also rebuilding its research and development (R&D) centre with a focus to bring in new technology and innovation in the existing categories.
“We are strengthening our R&D centre to 40 people this year. Besides, we are focused on a lot of consumer insight studies and how we can translate to our products,” he said.
At present, the company has four manufacturing facilities located in Kerala and Karnataka.
BPL Group had been operating as a joint venture with Japanese electronics major Sanyo until it finally split up in 2007. Since then the group has been present on its own.