Godrej Appliances hikes prices across categories by up to 5%
New Delhi: Godrej Appliances on Thursday said it has raised prices of its consumer durables across categories by up to five percent to offset rising input costs due to the rupee's depreciation against the dollar.
"We have already taken a price increase from July 1, ranging from three to five percent. It would be for all products," Godrej Appliances Executive Vice President, Sales & Marketing, Kamal Nandi told reporters.
Following the price increase, the company is selling air-conditioners, refrigerators, washing machines and microwave ovens at prices ranging from Rs 4,790 to Rs 44,800.
The extent of the increase in product categories varied depending on the value of imported components, he said.
Godrej Appliances has an annual turnover of about Rs 2,500 crore. The company spends five percent of its revenue on advertising and promotions, Nandi said.
"If you look at the brand, then we have been growing in excess of 20 percent against the market, which is growing by 12 percent," he said. "We will look to continue this growth rate."
The company has also gained from the Godrej Group's association with Bollywood star Aamir Khan to endorse products, he added.
Godrej Appliances has two units at Mohali and Pune with a capacity to manufacture 2 million refrigerators and 0.5 million washing machines.
"We have augmented the capacities in these two plants last year and now the augmented capacity suits our needs for the next three years," he said.