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New Delhi: Havells India, owner of Lloyd, is expecting to see a pickup in domestic demand in the air-conditioning sector after Holi in the April-June quarter, said a company’s top executive during a press meet on Tuesday.
The AC market is expected to have crossed 1 crore sales in 2023. Still, the penetration is about 8 per cent in this category across Indian households, but “we anticipate it to grow further in the coming year,” said Yogesh Kumar Gupta, Executive Director, Havells India Limited.
By extending its manufacturing operations beyond the Ghiloth facility, which produces air conditioners and washing machines, the company has recently launched a new AC manufacturing plant in Sri City, Andhra Pradesh. Following a significant investment, the firm’s production capacity has now doubled, crossing the 2 million units per annum mark.
With its expanded manufacturing capabilities and boost from the ‘Make in India’ initiative, Havell India’s Lloyd looks to strengthen its foothold in the domestic consumer durables market.
Further, Gupta shared plans to tap into new markets abroad, with a focus on expanding beyond the existing 30-country export network. With shipments already underway to the US, the company is strategically positioned to leverage its proximity to the Chennai port for further global outreach, he said.
Without disclosing sales projections, he shared there is a promising start to the AC sales season, particularly in southern markets.
He further said that the company is growing every quarter and is working for long-term growth. “Despite challenges, both topline and bottom line growth has to be there,” he added.
Havells‘ acquisition of Lloyd Electrical and Engineering Ltd in 2017 marked a pivotal moment in its journey to establish a significant presence in India’s room air conditioner market, which is poised for growth given the country’s low household penetration levels.
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