Philips targets Rs1,000 crore-sales

Our Corporate Bureau
14 October 2004

Philips India is expecting Rs400 crore worth of sales in the upcoming festival season and is taking measures to s achieve its target. First the company has slashed prices on its range of consumer electronic goods for the season and has set aside Rs20 crore to spend on advertising and promotional activities during this period.

The company expects to touch Rs1,000 crore in consumer electronics business during the current fiscal against over Rs700 crore last fiscal and aims to double its business from consumer electronics to Rs2,000 crore in three years. With this, the company aims to be slotted among the top four consumer electronics brands in the country.

According to Suresh Sukumaran, the Philips India consumer electronics business head, the company was confident of achieving the sales target of Rs400 crore this Diwali season compared to around Rs300 crore achieved in the same period last year.

Sukumaran said, "We have firmed up most aggressive prices for our entire product range for the Diwali season, which nobody in the industry is offering today. We are also launching some new products for the first time during the festive season," he said.

Sukumaran said the company currently enjoyed a market share of 6.7 per cent in the CTV segment and was aiming to improve its share to over 8 per cent by the current fiscal.

The CTV market is expected to grow at 8 per cent to around 75 lakh units this year compared to around 71 lakh units last year. The real growth is coming from flat and large screen televisions he said.