Godrej Group company Godrej Security Solutions (GSS) is looking at a business turnover of Rs 740 crore in the next fiscal year, a senior company official has said. The company expects the growth to be driven by the retail segment, which includes home safe and electronic security systems.
Besides, the Godrej group firm also plans to expand its reach to 250 districts totalling 8,000 retail outlets. It has also plans to spend over Rs 100 crore on advertising and R&D in two years.
“Our total business right now of security solution put together is around Rs 600 crore and we plan to increase it to around Rs 740 crore next year,” Godrej Security Solutions VP and Global Head – Marketing, Sales and Innovation Mehernosh Pithawalla told PTI.
The company had a turnover of Rs 550 crore in FY 2018-19.
GSS is expecting a good business coming from the home safe segment and expanding its retail presence.
“We are around Rs 140 crore this year and we plan to increase 25 per cent year-on-year basis…the objective is to increase the market,” said Pithawalla.
The Indian home safe market is considered to be around Rs 180 crore and the company owns 80 per cent of the market.
In the electronic security segment, where it does not have a very big presence, the company is planning to bring its own “artificial intelligence, building own capacity of software development” besides reducing dependence on imports from China.
At present, GSS has around 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 huge spending on marketing and ad spend for the segment. We are going to start market campaign very soon,” Pithawalla added.
The company has also launched a new range of home lockers in potential markets. “We are set to open over 1,000 new retail outlets in tier 2 and 3 markets to provide customers with new age 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.