Godrej Locks aims for 50% market share, plans massive stake on reasonable products

Godrej Locks, a manufacturer of locks and security systems, has stated that it wants to grow its market share from thirty to fifty percent in three years by introducing a new line of reasonably priced products and lowering the cost of its current line.

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Godrej Locks, a manufacturer of locks and security systems, has stated that it wants to grow its market share from thirty to fifty percent in three years by introducing a new line of reasonably priced products and lowering the cost of its current line.

Company’s business leader for architecture and systems, Shyam Motwani, stated that the company’s recently released products are more than 50% more economical than the company’s current locks, despite efforts being made to reduce the cost of the current locks by 7-8%. To reach the goal of having the largest market share in about three years, the company would rely on new, reasonably priced locks and price reductions on the current locks, Motwani told PTI.

He added that without sacrificing the goods’ efficacy, the recently released locks were internally created and developed with the demands and goals of the “rurban” (rural-urban) population in mind.

The 1897-founded business, which is well-known throughout the country for its dependable goods, wants to expand its reach into more little communities.

According to Motwani, the company’s current sales are derived primarily from the top eight cities in India, with slightly over a fifth coming from “rurban” areas.

The profitable company, which is a part of Godrej and Boyce, had a turnover of Rs 1,200 crore in FY24, he said, adding that it had doubled over the previous three years. The company, which owns a production facility in Goa, is concentrating its investments on automation and new model design.

By 2027, the locks market, which currently has a market potential of about Rs 6,700 crore, will expand to Rs 10,000 crore, according to Motwani. He also stated that although the market as a whole is growing at a rate of 14%, the company is aiming for a growth of more than 20%.

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