Hyderabad, June 22 (IANS) Leading consumer electrical and electronics firm V-Guard Industries is targeting 25 percent growth during the current financial year, a company official said Friday.
The company, which achieved a turnover of Rs.1,000 crore during 2011-12, has been growing at 35 to 40 percent for last three years. "We set the modest target but achieved more," said V. Ramachandran, director, marketing and strategy, V-Guard.
He was talking to reporters on the occasion of launching Enviro, a high-speed pedestal fan with the unique magneto motive drive technology.
The fan can save up to 50 percent energy. "A consumer with an average daily usage of eight to 10 hours can save Rs.1,000 annually on electricity bill," Ramachandran said. The key feature of Enviro is that it can perform better even in low voltage conditions.
Ramachandran said with the first-of-its-kind NMD technology, Enviro was introduced in Andhra market. The product will soon be introduced in other markets.
V-Guard hopes to sell 20,000 Enviro units in the Indian market and add Rs.5 crore revenues during 2012-13. Fans contribute to seven percent of the company's total revenues.
V-Guard's revenues from the fan market was Rs.130 crore last year. The company, which forayed into fans only four years ago, is now one of the leading manufacturers.
The firms plans to invest Rs.25 crore this year in its Kashipur plant in Uttarakhand to double its wire capacity. The plant current capacity is 3.25 lakh coils per month.