Betting big on a range of new products, including commercial refrigeration, high-end televisions, cooking and food processing appliances, Godrej Appliances is targeting a turnover of Rs 2,000 crore (Rs 20 billion) for 2008-09 against Rs 1,400 crore (Rs 14 billion) in the current financial year.
Fast-moving consumer goods (FMCG) companies are closely monitoring crude oil prices and considering low single-digit price increases, while consumer durables firms have already begun passing on significant price hikes to consumers due to rising input costs exacerbated by the West Asia conflict.
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The appliance makers expect a good churn in the festive season, led by the government's proposal to reduce the GST slab on air-conditioners from the current 28 per cent to 18 per cent, which will reduce the price from Rs 1,500 to Rs 2,500 depending on the models.
As the rupee has been on a downward slide and crossed 90 a dollar, consumer electronics firms are looking to raise prices of products ranging from air conditioners (ACs) to television panels up to 10 per cent.
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The company has started using a new composite material for manufacturing refrigerators which will subsequently be rolled out to other product lines. The company has also done away with its regular corrugated boxes for packaging to incorporate stretch-hood film packaging and shrink wrapping. Stretch-hood packaging boasts of benefits such as better load stability, flexible adaptation to load height, width and depth and weather protection (rain, dirt and dust-proof).
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Godrej appliances is targeting to become the third largest player in the air conditioner market.
Godrej Appliances has launched a music-enabled refrigerator, Godrej Edge SX MuziPlay, with FM radio and MP3 player. The refrigerator has additional facilities such as a mobile charging point with USB port.
Maharashtra, which contributes between 12 and 15 per cent of appliances sales, announced lockdown-like curbs, meaning there will be no business for the second half of the month as well from the state.
Some companies argue that the culture of staying, working and learning at home will persist for a while, altering lifestyle habits of consumers.
Consumer durables firms and fashion retailers expect double-digit growth in value terms in the ongoing festival season as consumers have stepped up purchases during this period. They expect to see value sales growth upwards of 15 per cent, which is especially coming in from cities. However, volume growth may lag behind value growth.
Panasonic India is set to increase the prices of its products by up to 7 per cent, while some others players have already increased it.
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The latest hike is likely to be followed by another such move next month, said industry players. Before the latest hike, companies had initiated price hikes to the tune of 12-13 per cent in 2021 but they weren't able to fully cover the increase in costs.
The festival season has already begun in the west and south of India with Ganesh Chaturthi and Onam, respectively, and consumer companies are witnessing a pick-up in sales compared to pre-Covid levels. Retailers, fast-moving consumer goods (FMCG) and consumer durables companies expect their sales to grow in double digits this festival season compared to pre-pandemic times, as there are no curbs on movement now. Adani Wilmar expects sales volume to be higher by 15-20 per cent as rural India has largely witnessed good monsoon rains, and employment has picked up in urban areas.
Consumer durable firms, including Haier, Whirlpool, Panasonic, Godrej Appliances and Daikin, are increasing prices of their products by up to 5 per cent following the withdrawal of excise duty sops, coupled with high input costs.
The festive season, which usually starts from September, is when 35 per cent annual sales get transacted for most durables firms.
Consumer durables retailers and manufacturers may end up bearing the cost of the Reserve Bank of India's (RBI's) tightening on easy personal loans, as their margins are expected to be impacted by higher borrowing costs. During the recently passed festival season, consumer durables companies started offering longer tenure loans, zero down payments, and zero interest on a wider assortment of products than ever before, making the products more affordable. While 18- and 24-month easy monthly instalment (EMI) options were available earlier, companies offered them only on select products; now, they are being extended to a larger section of products.
As home and kitchen is one of the most sought after categories during Diwali, the launch comes at a time when customers can enjoy shopping for appliances with ease and convenience, the company said.
Metal prices from copper to aluminum and tin have shot up by about 7-32 per cent in the past three months.
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Since 2008, the Bureau of Energy Efficiency is running a star rating programme, under which electric equipment are rated according to their efficiency. This in turn helps the consumers save electricity.
Consumer Electronics and Appliances Manufacturers Association Consumer has also welcomed the move saying the it would improve the sentiments and strengthen the growth.
As the rupee continues its freefall against the dollar, cars, TVs, washing machines and other home appliances are set to cost more with companies set to hike prices to offset impact on their margins.
Godrej-GE Appliances which sold a faulty refrigerator has been held guilty of deficiency in service by a Delhi consumer court.
Consumer durables major Godrej & Boyce plans to enter the television segment in 2008.
Consumer durable companies will again start to face a supply issue of components as China extends lockdown due to its zero Covid strategy. This will impact the flow of finished products into the Indian market, unlike last year, this impact will be felt post Diwali. While supply chain issues have been a problem since the start of the pandemic, China's zero Covid strategy has also posed another risk for consumer durable companies.
The company is also looking at a turnover of Rs 4,500 crore this financial year, of which the appliances division is expected to contribute close to Rs 1,400 crore.
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