HYDERABAD: Westway Electronics Ltd, the maker of India’s first colour television, is targeting a turnover of Rs 1,000 crore over the next three years. The consumer electronics company, which is present predominantly in north India, is on an expansion drive and hopes to have a footprint across south and east India over the next 2-3 years.
“Currently, our turnover is about Rs 143 crore, but with aggressive expansion in south and east India, we hope to increase our sales and revenue,” said Sumit Maini, Director, Westway Electronics.
He added that the company was ramping up its production capacity, anticipating higher sales, from the current 2.5 lakh units at its plant in Noida to 5 lakh units. The additional capacity will come from its upcoming plant in Noida that will be operational by 2020.
Westway is an original equipment manufacturer that makes TVs, washing machines, refrigerators and other goods. Televisions are its mainstay, accounting for nearly 70 per cent of the product mix, and sells them under its brand—Weston. The competition is fierce in the television segment, from both, existing players and even new entrants like Xiaomi, which is holding the pole position within a year of its launch. “We have an affordable product range (priced between Rs 8,000 and Rs 50,000) and the latest technology that will drive sales,” said Maini.
In the south, the company, which is likely to enter Telangana and Andhra Pradesh shortly, intends to make Hyderabad its hub. “We are in advanced talks with our distributors and channel partners and hope to enter the market soon,” he said.
Bank credit to consumer durables has been seeing de-growth for the past few months, but Maini said consumer demand and sentiment were showing signs of growth. “We see no slowdown in sales as consumers are opting for financing options from NBFCs. Demand will only grow stronger in the coming quarters,” he said.