Consumer durable brand Lloyd, owned by Havells India, will be foraying into India's Rs 15,000 crore refrigerator market in the next 1-1.5 years. The company will be boosting its consumer durables portfolio by entering this market.
Havells is expecting its non-AC portfolio to grow and contribute around 50-60% of the revenue from the Lloyd business.
Anil Rai Gupta, Chairman and Managing Director, Havells India, said, "ACs are the strongest revenue contributors in our portfolio, but we expect the non-AC business to pick up as well. As a result, even as revenue will continue to increase, the contribution of non-AC business will go up. It will take another 1-1.5 years for us to launch refrigerators."
Presently, AC sales account for 70% of the total business Llyod generates for Havells India. It commands 3% of the total white goods market in India, pegged at around Rs 60,000 crore.
"We have been seeing a 20 per cent growth in the Lloyd business and expect to maintain a 15-20 per cent growth from this segment in the coming few years," Gupta further stated.
