Godrej Security Solutions aims to record the turnover of Rs 740 cr next fiscal year
New Delhi, September 3 () Godrej Group Godrej Security Solutions (GSS) is analyzing a commercial turnover of Rs 740 million in the next fiscal year, said a senior company official.
The company expects growth to be driven by the retail segment, which includes electronic security systems and home security.
In addition, the firm of the Godrej group also plans to expand its reach to 250 districts with a total of 8,000 points of sale. It also plans to spend more than Rs 100 million on advertising and Ru0026D in two years.
Our total business at the moment of security solutions together is around Rs 600 million rupees and we plan to increase it to around Rs 740 million rulers next year, said Mehernosh Pithawalla, vice president of Godrej Security Solutions and global marketing director, Sales and innovation.
The company billed Rs 550 crore in fiscal year 2018-19.
GSS expects a good business to come from the home insurance segment and expand its retail presence.
We are around Rs 140 crore this year and plan to increase 25 percent annually ... the goal is to increase the market, Pithawalla said.
The home insurance market in India is considered to be around Rs 180 million and the company owns 80 percent of the market.
In the electronic security segment, where it does not have a very large presence, the company plans to bring its own artificial intelligence, develop its own software development capacity and reduce dependence on imports from China.
Currently, GSS has about 50 models of home safe, priced in the range of Rs 5,000 to Rs 8 lakh; And for electronic security, it has different types of cameras, video surveillance, alarm system, etc.
We are planning a large marketing and advertising expense for the segment. We are going to start a market campaign very soon, Pithawalla added.
The company has also launched a new range of home lockers in potential markets.
We are ready to open more than 1,000 new outlets in Tier 2 and 3 markets to provide customers with new-era home security solutions, he said.
Godrej Security Solutions is a division of Godrej Boyce Mfg Co Ltd and part of the USD 4.1 billion Godrej group. KRH MKJ