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Daikin India aims to be a Rs 5,000-crore firm in FY20, looks for 20% growth – Moneycontrol.com

Aircondition maker Daikin India is aiming to be a Rs 5,000-crore company this fiscal with around 20 percent growth in sales, helped by rising demand of power-efficient inverter ACs and expansion of sales network, said a top company official.

The company is also expecting to have around 18 to 19 percent market share of the residential AC market.

Besides, Daikin India, which is currently exporting to African and neighbouring South Asian markets, expects volume of shipping to its overseas markets to go up, helped by expansion in its production capacity.

“We are looking at a turnover of Rs 5,000 crore in 2019-20,” Daikin India Managing Director and Chief Executive Officer Kanwaljeet Jawa told PTI.

He further said, “Daikin is gearing up sell 10 lakh room AC units and we want to increase our market share to 18-19 percent.”

The company is expecting its turnover for the previous financial year concluded on March 31, 2019, to be around Rs 4,250 crore.

This season, Daikin India is expecting a growth of 18 to 20 percent in sales, riding on the back of “power availability, increased distribution & sales-service network, tier-III and IV cities demand and brand building”.

“We have been consistently growing more than the industry since 2009,” Jawa added.

The Indian residential AC industry market is expected to be of around 4.5 million units with more than 20 companies competing in the space, in which Voltas and LG are the market leaders.

Jawa, also expects that sales of high tech inverter range of AC would go up in the industry, as now customers are “more conscious” and are adopting products which “bear the stamp of superior technology & power efficiency”.

“As pioneers of Inverters across the globe, we are confident that the inverterisation in the Indian market will lead the way for Daikin dominance in the product category,” he said

Currently, Daikin India gets around 45 to 48 percent contribution comes from non-metro market, Jawa expects this season to remain in the same range as the non-metro trends are positive over the past few years.

“Our channel or distribution of more than 6,400 sales outlets today is powering our growth taking the Daikin products to tier-I, II, III & IV cities,” he added.

Daikin, which had two manufacturing units at Neemrana, Rajasthan, and is in the process to set up a third unit in southern region expects exports from its Indian unit to go up, backed by enhancement of its production capacity.

“The exports to East Africa, Sri Lanka, Bangladesh and Nepal will further augment our business growth. And, with the third factory, we will have significant manufacturing edge and cost competitiveness in the Indian market,” he said.

Daikin Airconditioning India Pvt Ltd is a 100 percent subsidiary of Daikin Industries Japan, a global leader in the manufacturing of commercial-use and residential air conditioning systems.

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