Consumer electronics firm, Intex Technologies, today said it will expand its consumer durables portfolio with the launch of new products such as washing machines, air conditioners and fans as it chases annual turnover target of Rs 2,000 crore in the current fiscal.
The company had reported a turnover of Rs 1,069 crore in the last financial year.
Intex Technologies, which at present sells CRT TVs, LED TVs, Induction cooker, is foraying into washing machines category later this month.
"We are targeting an annual turnover of Rs 2,000 crore in this fiscal on the back on more consumer durable products in our portfolio. We will launch washing machine range this month and also look at introducing air conditioners, air coolers and fans soon," Intex Technologies Business Head-Consumer Durables Nidhi Markanday said.
Markanday said the company is looking at increasing contribution of consumer durables to its total turnover by up to 20 per cent to Rs 500 crore by next fiscal as against around 9 per cent at present.
Intex Technologies will target tier II and tier III cities to increase its sales.
"Intex Technologies is known to be a value for money brand. We are more bullish on the tier II and tier III cities to add to our sales," she added.
At present, the company manufactures few of its products in India and imports the rest.
To enhance its manufacturing capacity, Intex plans to invest around Rs 250 crore in its manufacturing plants located at Baddi, HP and Jammu at the end of the current year, said Markanday.
Currently, the plants are engaged in production of multi-media speakers, batteries and chargers and the company is planning to start manufacturing CRT TVs from next quarter.