Godrej Security Solutions (GSS), a division of Godrej & Boyce on Friday said it is planning to increase its share of exports from 15% to 16% of the total revenue in the next two to three years’ period. Currently, GSS products are exported to over 50 countries and it accounts for 11%. It is also targeting to reach a turnover of Rs 1,000 crore by the end of FY24, growing from Rs 850 crore it clocked in FY23.
Pushkar Gokhale, business head, Godrej Security Solutions told FE in Chennai that the US and Europe are the company’s big markets which will give it big push going forward as well. “More than adding new countries, we want to focus on the US and Europe markets. So, over a period of two to three years time, the exports will be to the tune of Rs 150 crore to Rs 160 crore and overall we are expecting a compound annual growth rate (CAGR) of 18% for the next three years,” he said.
GSS plans to achieve its turnover target through launch of new age innovative products, increasing channel partners, heightened after sales service and through exports. “Last fiscal, we posted a turnover of Rs 850 crore and this year we expect to touch Rs 1,000 crore,” he said.
According to him, GSS has been getting requests from customers for enhanced security for homes, small offices, banks, jewellers and non-banking financial companies. “Keeping this in mind, we have launched new age products which are inter-connected smart devices. Today it is all about monitoring and tracking,” he said. Asked about market share, he said they have 60% in institutional space and 75% in home segment.
The company has a manufacturing facility in Mumbai and there are enough capacity available to make products including the newly introduced ones. “We are more focussed on developing channel partners and footprint across the country,” he said. On the R&D side, the company is spending 10% to 12% of the turnover every year.
GSS on Friday unveiled Matrix locker with Iwarn (advanced home locker), SmartFog (a powerful fogging security system to halt intruders in their tracks) and AccuGold (a gold testing machines to determine gold purity) at the Secure 4.0 event. Iwarn is priced anywhere between Rs 80,000 and Rs 1.50 lakh.It comes equipped with a hooter and sends notification to the homeowners in case of tampering or unauthorised access.
Priced at Rs 1.50 lakh, SmartFog is equipped with remote cloud-based application as well as wireless technology. It emits a thick fog to cause enough panic and immobilise the culprit with almost zero visibility around the place that he is located.
He also said GSS had installed smart access control devices at nine monuments protected by Archaeological Survey of India. GSS had recently secured a significant project to provide an advanced key management system to Satish Dhawan Space Centre.