Financial Daily from THE HINDU group of publications
Thursday, Nov 06, 2003
Financial Daily from THE HINDU group of publications Thursday, Nov 06, 2003 |
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Marketing
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Market Shares LG colour TV sales scale a new peak in October Richa Mishra
New Delhi , Nov. 5 THE consumer electronics industry, starved of `bumper business' after World Cup cricket early this year, has cause to cheer. The festival of lights has brightened the year for the colour TV industry, which was desperately looking for growth triggers. The month of October has not only raked mega bucks for the industry but also for one of the prominent players in the category — Korean consumer electronics major LG Electronics India Pvt Ltd (LGEIL). "LGEIL has reported sales of 3,27,000 units in October alone. This is a sales figure which nobody even in LG worldwide has achieved in a single month," Mr C.M. Singh, Head for CTV, LGEIL, said. Besides, during the two months September-October 2003, the company has sold more than five lakh units. Commenting on the factor that triggered sales for the company, Mr Singh said the festive marketing strategy coupled with focus on the semi-urban market and a slew of product launches were the main growth drivers. "Almost 70 per cent of our sales came from the semi-urban market," he elaborated. "In the flat TV segment too, we have taken a great leap. We have sold more than 60,000 units in a single month," he stated. For the calendar year 2003, the company is expecting to touch sales of 2 million units. "This includes exports," Mr Singh said. The company reported a turnover of Rs 2,286 crore in the period January to June 2003, registering a growth of 45 per cent compared to the same period last year. Overall, the CTV industry has clocked sales of an estimated 1.2 million-colour television sets during the month. In fact, the sales figures recorded outdo the performance during world cup cricket, says a Consumer Electronics & TV Manufacturer Association (Cetma) official, adding that "the industry is expecting to close the year with a sales figure of about 8.25 million units".
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