Consumer durables firm Haier today said it is looking at over 40 per cent growth in revenue at Rs 1,700 crore this year, driven by refrigerators and flat panel TVs.
"We are expecting a growth of over 40 per cent and expect the revenues to be at Rs 1,700 crore by the end of 2013," Haier Appliances (India) President Eric Braganza said.
In 2012, the company had clocked a turnover of Rs 1,203 crore, he added. Last year, the company had said it was expecting its revenue to be around Rs 1,250 crore in 2012. In 2011, the company had a turnover of Rs 972 crore.
Bragnaza said: "We plan to ramp up our installed capacity of refrigerators from 10 lakh at present to 20 lakh by 2014."
The major drivers for the growth will be refrigerators, flat panel TVs, ACs and washing machines, he added.
Refrigerators contribute nearly 35 per cent Haier's total turnover, while the consumer electronics panel business is the next big segment with nearly 30 per cent of the turnover. The AC sales contribute nearly 14 per cent of the total sales, Braganza said.
Commenting on the exports, he said that many products are shipped to Middle East, Africa and CIS countries.
Besides, the company is looking to expand distribution network across the country. "We also are aiming to increase the number of our exclusive stores and shop in shops to 200 from the current 165 and retail outlets from 4,500 to 6,000 in 2013," Braganza said.
The company today introduced 79 new products across six segments, including ACs, water heaters, refrigerators, commercial freezers.
Last year, Haier had said it will start manufacturing washing machines, air conditioners and water heaters at its own plant by 2014 instead of outsourcing as it looks for about 6-fold jump in revenues to up to Rs 7,500 crore in the next five years.
The company, which currently outsources production of ACs and majority of washing machines models to third parties, will invest Rs 100 crore to set up new lines to produce these items and water heaters at its Ranjangaon plant in Pune.
The plant at present manufactures refrigerators, while it imports all TV panels and water heaters from China.
Currently, Haier India manufactures two models of washing machines at the plant with very insignificant capacity and by 2014 it will have an installed capacity of 5 lakh units.