Financial Daily from THE HINDU group of publications
Sunday, May 29, 2005
Financial Daily from THE HINDU group of publications Sunday, May 29, 2005 |
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Corporate
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Outlook Parryware targets 30 pc revenue growth this year Our Bureau
Mr K.E. Ranganathan
Chennai , May 28 PARRYWARE, a division of EID Parry (India) Ltd, part of the Rs 6,200-crore Murugappa Group, is targeting a 30 per cent growth in revenue this year, said Mr K.E. Ranganathan, CEO. He was addressing the press for the first time after he took over as the CEO last month. Mr Ranganathan said the division ended fiscal 2005 with revenues close to Rs 200 crore and market share of about 40 per cent in the organised sector. The overall market in the country is about Rs 700 crore for sanitaryware, with the organised sector accounting for about Rs 300 crore. The market is growing at a rate of 15 per cent, he said. Parryware is setting up a sanitaryware manufacturing facility in Perundurai, near Erode in Tamil Nadu. Located in 50 acres with an investment outlay of about Rs 60 crore, the unit will be operational by March 2006. This facility will manufacture about one million pieces and will cater to the increasing demands of the four southern States and the neighbouring countries. Parryware has three sanitaryware factories in Dewas, Ranipet and Alwar. The manufacturing at these units has been scaled up recently. Currently, the company manufactures about 3.5 million pieces, he said. Mr Ranganathan said that last year Parryware had entered the taps and fittings segment in the four southern States and now has a market share of six per cent. He said the company will be expanding its taps presence into Western and Northern markets and the company hoped for a 10 per cent market this year. The taps market size is about Rs 1,200 crore, with organised sector estimated at Rs 400 crore. To compliment its range, the company has been importing a premium range of sanitaryware, which is priced from Rs 8,000 upward. Washbasins are priced from Rs 4,000 onward. Mr George Angelo, General Manager-Sales and Marketing, said the company planned to expand in Grade B towns as well to strengthen its position in the key metros. The company has taken the concept of glamourooms forward and has introduced exclusive Parryware experiencentres in Chennai, Bangalore, Mumbai and Gurgaon. The brand experience and the customer service that these centres offer has been a driver in purchase decisions, Mr Ranganathan said.
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