Havells India set to heat up kitchen appliances space with May 2024 Launch

Strategic expansion aimed at diversifying product portfolio, leveraging synergies with its existing products, and capitalizing on the growing demand for kitchen appliances in the Indian market reports Surfaces Reporter (SR)

Havells India's expansion into the kitchen appliances market with cooktops, hobs, chimneys, and other built-in appliances, is set to intensify competition in this space. The products are expected to be launched around May, with Havells aiming to become a top three player within three years. The new venture is anticipated to benefit from synergies with Havells' existing range of small domestic appliances.

This move comes as part of Havells' broader strategy to diversify its product portfolio and expand its market presence. Havells has shown a positive outlook for its future. The company plans to outsource the entire range of products, focusing on the domestic market. This strategic shift is seen as a response to rising competitive intensity in the large kitchen appliances sector, with Havells aiming to leverage its existing brand and manufacturing capabilities to carve out a significant market share. 

Goldman Sachs has upgraded its rating for Havells India, it is being attributed to the company’s cost-control initiatives, particularly its decision to shift outsourcing in-house, as a favorable move. Additionally, continued investments by Havells', in brands and human resources despite economic downturns is also seen as a positive indicator. Havells is expected to see a resurgence in revenue growth in the double-digit figures starting from the March quarter, following two quarters of single-digit growth. This improvement is expected to be driven by enhanced margin contributions from the Lloyd brand, which will improve profitability and subsequently increase the company's valuation.

Source: Moneycontrol


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