Eveready expands lighting business, eyes 15% growth in FY14
Synonymous with batteries, Eveready Thursday said it plans to introduce new products like portable lights and fans as well as wall mountable emergency lights to strengthen its lighting portfolio.
Mumbai: Synonymous with batteries, Eveready Thursday said it plans to introduce new products like portable lights and fans as well as wall mountable emergency lights to strengthen its lighting portfolio.
The company, whose turnover stood at Rs 1,035 crore last fiscal, gets about 50 percent of its sales from batteries, followed by flashlights and lanterns at 35 percent, besides another eight percent from packaged tea.
"We already have flashlights and lanterns which do very well in the market. Given the power situation in India, we see a lot of scope for the lighting business and we are now expanding it. We will introduce new innovative products like portable light and fan, a range of study lamps, wall mountable lights, besides more rechargable lighting products," Eveready Director Amritanshu Khaitan told PTI.
The lighting products market is estimated to be between Rs 8,000-10,000 crore and is growing at about seven to eight percent annually.
The company is also investing about Rs 30 crore in its marketing and advertising campaign this year, he said, adding that this year, it expects about 15 percent growth in sales.
Khaitan said that the company would also continue to focus on its main business, which is batteries.
It has launched a new range of powerful batteries 'Eveready Ultima' for power guzzling devices. The product range consists of high power alkaline batteries, long lasting rechargeable batteries and series of portable chargers for gadgets like digital cameras, MP3 players and remote controlled toys.
"Thursday, people are connected 24X7 and their devices get drained. The new range will ensure connectivity on the move, round-the-clock," Khaitan said.
While alkaline batteries are popular in the West, India remains a carbon-zinc market with sales pegged at about 2.4 billion units.
Eveready will sell its 'Ultima' range at a price point of Rs 20 a piece.