Power backup solutions provider Luminous Power Technologies is aiming to double turnover to Rs 5,000 crore in the next five years through a mix of expansion of product portfoilio and tapping new markets.
Power backup solutions provider Luminous Power Technologies is aiming to double turnover to Rs 5,000 crore in the next five years through a mix of expansion of product portfoilio and tapping new markets. The Delhi-based company, deals in two segments — power storage and home electricals.
The company which has seven factories, also has plans to expand the production capacity of its existing units in the coming years.
“We believe that over a period of time, we should be able to deliver double digit growth coming in from power storage with combination of solar and home electrical brand,” Luminous Power Technologies Managing Director Vipul Sabharwal told PTI.
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“In next 4-5 years, we would be around Rs 5,000 crore and the growth would come from domestic and international markets,” he added.
Luminous Power Technologies, in which Schneider Electric has 74 per cent stake, has a turnover of Rs 2,600 crore.
Presently, the industry is around Rs 15,000 crore and Luminous has around 39 per cent marketshare in UPS and 27 per cent in inverter batteries.
Its power storage products, which are available at over 40,000 outlets, contributes 90 per cent of the sales and rest 10 per cent comes from home electricals, which includes segments as fan, switches and electric cables.
“We would soon enter a new category which is LED lights in the next quarter,” Sabharwal added.
Presently, exports contribute around 10 per cent of sales of Luminous, which ships its products to over 25 countries of Africa, Middle East and Indian Subcontinent.
“We are scouting for new markets and are looking at greater penetration in the existing markets,” he said.
He added that the company expands capacity based on market forecasts. Around 80 per cent of its products today are indigenous.
The company is also aiming to tap the growing online channels in the domestic market through its own e-commerce portall uminouseshop.com and channel partners.
“Right now, online sales contributes only one per cent of sales but it has immense potential in future,” said Luminous Power Technologies VP Marketing Sachin Bhalla.
The company is also considering to have its own experience centers for the customers.
Luminous Power Technologies today launched Regalia power backup system, which uses lithium ion battery and has smart applications such as connection through Wi-fi.