Godrej Locks and Architectural Fittings is looking at clocking Rs 1,100 crore turnover this fiscal, a 24 per cent year-on-year growth, a senior company official has said. Talking to reporters in Panaji on Saturday, Shyam Motwani, Business Head, Godrej Locks and Architectural Fittings and Systems, said the unprecedented success for the company was due to a huge demand for digital locks and spurt in residential real estate.
"The unprecedented success that we achieved is because there is a huge digital trend witnessed in large metros and there is a huge spurt in residential real estate," he added. He was speaking to media persons at the backdrop of the second edition of The GeeVees, an award introduced by Godrej Locks to recognise the best and upcoming talent in the Architect and Interior Design community in the country.
Motwani said that the company would be clocking around Rs 1,100 crore turnover as of March 31, 2023, which will be a growth of Rs 270 crore over the previous fiscal and roughly a 24 per cent increase. The consumer demand is driving the company's growth as there has been a rebound in the residential real estate sector, he noted.
"There are only real buyers (for real estate) who are getting into the market. The real buyers today are cutting across the price segments, and therefore, you have flats, which are selling from Rs 25 lakh to Rs 3 crore," he said. Motwani also said that increasing real estate consumption is driving the locks and architectural fitting segment.
He said new products are adding significantly to the success story of the company."We had unprecedented success with our new products. We would probably be ending, I would possibly think, about 150 to 160 per cent of our targeted turnover from the new products this year," he said. For FY24, Motwani said the company will clock a turnover of Rs 1,300 crore and Rs 1,500 crore in FY25.