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Micromax forays into refrigerator, washing machine segments

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Home grown firm Micromax, which is aiming to be a complete consumer electronics maker, has entered into refrigerator and washing machine segments and expects Rs 2,000 crore revenue from new categories, said a top company official.

According to a PTI report: The Gurugram-based firm, which is known for mobile handsets and LED TV panels, is expanding its portfolio in the consumer electronics segment, targeting the ‘premium economy’ consumers.

As part of its portfolio expansion, Micromax has plans to launch 12 models in refrigerators, 10 models in washing machines, 12 models in air conditioners and 17-18 models of air coolers.

“We aim to achieve Rs 2,000 crore of revenue from our consumer electronic segment by 2020,” Rajesh Agarwal, Co-founder, Micromax Informatics Co told PTI.

Presently, consumer electronics contributes overall about 20 percent to total Micromax revenue and the company expects that it would go up to 30 percent next fiscal.

“Currently, consumer electronics segment has a revenue of around 1,200 crore. With the launch of the new products in this segment, it will have 30 per cent share in overall revenue by March 2019,” he was further quoted by PTI as saying.

Besides, the company is also expanding the range of its air conditioners and LED TV panels.

The company, which had launched AC last season, expects to corner 5 percent market share in the next one year.

“We are expecting hard summers this year, hence we expect capturing a market share of 5 percent in the AC segment in next one year,” Agarwal told PTI.

In TV panel segment, it currently has 6 to 7 per cent market share, he added.

Micromax, which has factories in Rudrapur, Telangana and Bhiwadi, plans to invest Rs 200 crore in couple of years.

“We have invested around 300 crore already in the last 2-3 years. We will be investing around 200 crore more in the next couple of years,” Agarwal was quoted by PTI as saying.

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