‘We will close the year with `1,000 cr plus’
BANGALORE : TTK Prestige Limited has a wide product portfolio, covering all aspects of the kitchen, making it the only brand to offer total kitchen solutions. Dinesh Garg, senior vice president-Appliances of the largest provider of kitchen appliances in the country speaks with Vyas Sivanand from City Express about the buying trends, his company’s reach and current performance.
What are your views on the buying trend of appliances in the country over the years?
A decade ago, people used to spend very little money on appliances, buying only the basic necessities. But in the last 10 years, consumers have been exposed to lot of innovative products. Many brands have brought in their international products into the country. With disposable income going up, it has become easy for people to buy more appliances. The retail scenario has also improved with more large format stores coming up and small retailers renovating their stores, thus increasing the visibility of the brand.
How about the trend in tier-II cities and rural market?
Media exposure is very high today. Both tier-II cities and rural areas have high level of media exposure. Though the disposable income may not be much, there is money being spent. I think the top 25-30 cities in the country have been doing good business.
How strong is your retail presence?
We are not present in the rural areas. But, we have 350 stores in the country with a higher concentration in South. We are looking at adding 100 stores every year and we definitely want to accelerate the process; but it is difficult to expand more than that for now.
In terms of finance, what is your target?
In the year 2011-12, the growth has been about 45 per cent as on December. We will close the year with more than `1,000 crores. I think the growth will continue in the next year too as there is potential and we are putting a lot of power behind the brand.
Currently, which product is dominating the market?
The latest trend is the induction cook top. It was brought into the Indian market only three to four years ago, but has picked up very fast and its growth is phenomenal. I think the product is the future of cooking.