New Delhi: Haier Appliances India is all set to cross the milestone of having a billion dollar revenue in 2024, helped by strong summers, festive season and ongoing trend of premiumization and expects Rs 11,500 crore revenue in 2025, its President NS Satish said on Thursday. Besides, the appliances and consumer electronics maker company, which has invested Rs 2,500 crore in India so far, plans to set up a third manufacturing facility in the Southern part of the country. According to NS Satish, the company is in the process of finalizing a location for the same.
"2024 has been one of the best years we ever had, with a growth of 35 per cent. We will be a one billion company this year. Next year, our target is Rs 11,500 crore," NS Satish told PTI and is confident of closing 2024 with a revenue of Rs 8,900 crore.
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Haier Appliances India follows the January-December cycle as its financial year. "This year, all the categories have done extremely well. With the focus on LED and washing machine, those two categories have done very well, and they pulled up," he said, adding that with the trend of premiumization, the ASP (average selling price) has also gone up. Additionally, he said this is the fastest growth of any company in the appliances segment. Regarding the Indian market, Satish mentioned that the penetration level here is still low compared to other markets, and it offers a "huge opportunity." Haier addressed it by aligning its product accordingly.
Haier India Plans Expansion with Focus on Innovations, New Manufacturing Plant in South India
The company has a strong roadmap for 2025, where it is focusing on India-specific innovations, bringing out "differentiated products" from its competitors in segments such as refrigerators, washing machines, air-conditioners, LED TVs and other products in which it operates.
Billion-dollar revenue milestone for Haier India in 2024.
"We try to bring out some innovations in the products which are usable by the customers" and a special focus on the infrastructure for the after-sale service. Besides, Haier is diversifying its business and entering into commercial air conditioning and kitchen appliances, a segment which has witnessed fast growth in recent years. On the development for these new segments, Satish said: "We are still setting up our basic infrastructure in terms of the manufacturing of these products, after-sales and everything because these products need after-sales, which has to be good."
Haier Appliances India currently has manufacturing units in Pune and Greater Noida and currently plans to set up a third manufacturing unit down south. "We have already started looking for the third manufacturing plant in India. That could be in the southern area only. That would be operational in 2026 or 2027," he said, adding, "We have just started scouting for the land. Discussion and the proposals are getting ready." The new plant will be primarily for the domestic market but will also cater to export opportunities. Regarding the proposed investment for the new plant, Satish said it is still in the initial stages and is in the process of figuring out. Besides, Haier is expanding its Greater Noida plant, where it is creating new facilities under phase II, such as backward integration, injection moulding and sheet.
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India is the third largest market for Haier Group globally after China and the US. It competes in the Indian market with brands such as Samsung, Panasonic, Whirlpool of India and Bosch, besides some homegrown manufacturers such as Godrej Appliances, Bajaj Electricals, Voltas, etc.
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