HSIL bets on consumer products
HSIL, known for its Hindware brand, is eyeing a 20-25 per cent business growth in 2017-18.
- Published 22.10.17
Calcutta: HSIL, known for its Hindware brand, is eyeing a 20-25 per cent business growth in 2017-18.
The Somany family promoted company has recorded a total income of Rs 2,234 crore and net profit of Rs 103 crore in 2016-17.
A large part of the growth in the current financial year will be on account of an increase in business of the consumer products division consisting of kitchen appliances, air and water purifiers.
HSIL vice-chairman and managing director Sandip Somany said the consumer products vertical, which started over three years ago, now contributes around 7-8 per cent to the company's overall turnover.
"We are expecting the consumer products business to grow 80-100 per cent," Somany said.
The company has recently expanded its offering to the water purifier category under the Moonbow brand. Somany said the market size for water purifiers was now pegged at Rs 4,000 crore to Rs 4,500 crore and was poised to register a compounded growth rate of 20 per cent till 2024.
The consumer business division is expected to touch Rs 1,000 crore revenue in the next five years, Somany said.
At present, the sanitaryware vertical earns majority of the company's revenues. HSIL also manufactures glass bottles for liquor manufacturers.