Surya Roshni, which aims to be a fast-moving electrical goods company, has said the PLI scheme will be a game-changer for manufacturing firms and help augment its facilities through backward integration.
The production-linked incentive (PLI) scheme and various other government initiatives like Make in India, Aatmanirbhar Bharat and Vocal for Local will enable it to deliver top-line as well as profit growth for the consumer lighting segment, Surya Roshni said in its latest annual report.
Surya Roshni operates in segments - lighting and consumer durable products, steel pipes and strips.
In the consumer durable business, it has continued to focus on growing fan and appliance verticals, and is investing in areas like marketing and brand building, its Managing Director Raju Bista said while addressing the shareholders.
Surya Roshni, which is the second-largest lighting player in the industry, is focusing on products like LED batten, downlighters and high-value product mix, which have good growth potential.
"We will continue to penetrate further in consumer and professional lighting as well. We are further keeping ourselves future-ready by enhancing focus on smart lighting products and solutions.
''''The PLI scheme proposed by the Government will be a game-changer for manufacturing players like us, as it will enable us to augment our manufacturing facilities through backward integration, thus reducing component imports," Bista said.
Though conventional lighting is expected to decline, it will be compensated by increasing the company’s market share, he added.
In the consumer durable business, the company is leveraging its innovation and development capabilities aligned with the current and future-ready market.
"We are also keeping ourselves future-ready by developing a complete range of smart lighting. The Consumer Durables viz. fans and home appliances are well accepted in the markets. Seeing the tremendous response, we are focusing on growing fans and appliances multifold in the next few years," he added.
The consumer lighting, professional lighting and consumer durables businesses continue to drive growth, as we keep on introducing new products that are helping the firm's transition to be an FMEG company, he noted.
In FY 2020-21, Surya Roshini's revenue from lighting and consumer durables was at Rs 1,240.12 crore. Its total revenue from operations on a consolidated basis for the year ended March 31, 2021, stood at Rs 5,561.39 crore, where steel pipes and strips contributed Rs 4,328.11 crore.
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