Consumer Durable Firm Haier Aims Rs 10,000 Cr Turnover In Next Two Years

Consumer durable firm Haier India on Wednesday said it is targeting a turnover of Rs 10,000 crore in the next two years.

Haier, which had closed last year at Rs 6,000 crore, expects a "growth of 40 per cent and 30 per cent in revenue in the years 2023 and 2024, respectively," said a statement from the company.

With its strong presence in refrigerators and washing machines, Haier India plans to take lead in air conditioners and TVs as their next biggest growth drivers for the Indian market, it added.

Haier India's market outlook is backed by the persistent commitment to product innovation and building manufacturing excellence in the industry, the company said.

By "leveraging a strong research arm to assimilate market feedback and technology-driven solutions by global R&D", Haier India has built the widest portfolio of home appliances in the consumer durable industry.

"In line with customer demands, Haier has constantly brought the best-in-class products to India by consistently expanding its manufacturing capabilities, strengthening the after-sales service network and building its operational excellence, aligned with its 'Make in India' and 'Made for India' strategy," it said.

Haier India President Satish NS said the company is constantly thriving on new age ever-evolving IoT/digital and customer transformation trends.

"We have one of the largest manufacturing hubs for all domestic supplies in the country and expanding our export base as well. Product innovation and customer-centricity lie at the ethos of our growth trajectory and hence we are focused to bring in the best-in-segment products that are researched, designed, and manufactured in India.

"With year-on-year growth, an industry-leading product portfolio and, an elevated customer experience, we are set to strengthen our presence in the Indian market to the next level," he said.

With the recent investments in the last few years, Haier India has built the capacity to roll out 1 million units of air conditioners, 1.5 million units of washing machines and 3 million units of refrigerators annually at its manufacturing plants located in Greater Noida and Pune.

"The company has a keen focus on expanding the capacity for overall production by 25 per cent by 2024, supported by the second phase of expansion at its Greater Noida plant. The brand is planning to invest Rs 1,500 crore by 2025, for backward integration and localisation of components," it said.

Haier India, currently, has a network of 30,000+ sales touchpoints across the country.

"Focused on achieving 3X growth in next 2 years, Haier India continues to strengthen its position with products driven by innovation, customer centricity, robust after-sales service, convenience and ease of living for customers across India," it said.

Haier India is a 100 per cent subsidiary of the Shandong, China-based Haier group. Besides Greater Noida, it also operates a factory in Ranjangaon, Pune.