Usha International looks to close FY23 with around Rs 3,800 crore revenue

New Delhi, Feb 21 (PTI) Consumer durable product maker Usha International is looking to close the current financial year with a revenue of around Rs 3,800 crore, said its CEO Dinesh Chhabra.

As part of its strategy, the company is pursuing “profitable growth” across its segments with quality and not chasing the market shares, he said.

“We would attempt to close to Rs 3,700 crore to Rs 3,800 crore in FY23,” Chhabra told PTI.

Usha International operates in the consumer durable space with a product portfolio, including fans, sewing machines, home appliances and power products.

Presently 45 per cent of Usha International’s business comes from the fan segment, while the rest is contributed by others.

When asked about growth, Chhabra said he expects growth from all the segments.

However, he also added: “I see growth from the cooking segment to be far better than fan as its penetration levels are low.”

The cooking range includes mixers, juicers, grinders, grillers and toasters etc. from where the growth would come, especially from the rural side.

About the Indian fan market, Chhabra said the branded segment is estimated to be around Rs 8,500 crore to Rs 9,000 crore and Usha commands around 13.5 per cent share.

Overall the Indian fan market is having a degrowth in terms of volume over the last two years. However, value wise it is having growth on account of inflation.

“However, we have seen growth at the mid-segment (Rs 3,000-plus) and premium segment (Rs 5,000),” Chhabra said, adding, “we believe at the economy end, the downward trend would get arrested and we will see stability.”

When asked about the growth in the fan segment, Chhabra said the company is upbeat about new opportunities such as new constructions both in terms of new housing projects and infrastructure development which is happening through government funding and the replacement segment.

“Our internal goals are to move up the value ladders, improve our saliency in the mid and upper mid-segment and catch on the growth where it is happening,” he said.

Usha International is also consolidating its position in rural India, where it has a strong presence.

“Now we have a product range, which is required to have growth at the right level, therefore, a three-pronged strategy to consolidate semi-urban and rural, urban value ladder,” he said.

Usha International on Tuesday launched the Onio series comprising 54 ceiling fans, expanding the portfolio of its high-performance fans. Onio series comprises 6 ranges — Lambda, Phi, Upsilon, Pi, Kappa, and Rho.

“With a total of 54 SKUs, this is the biggest launch for the company in the last decade. The Lambda, Phi, and Upsilon ranges come with multi-directional RF remotes. Alongside, the company also introduced 28 SKUs of the striker range in refreshed colours and trims,” it said.