Godrej Locks and Architectural Fittings & Systems Aspires for 2500 Crs Revenue by FY’27.
The iconic brand Godrej Locks & Architectural Fittings and Systems (GLAFS), a business unit of Godrej & Boyce, the flagship company of Godrej Group, also completed 125 years this year. The Godrej brand embarked on the journey with locks and today that legacy is being carried forward with a focus and investment towards innovations in technology and design.
A pioneer in product innovation, Godrej locks caters to the Indian market with 200+ number of products. The Brand has been at the forefront of revolutionizing the fundamental concept of a locking device and plans to grow twice as large in five years; to Rs 2500 crore by FY’27. The company’s present business revenue is 900 Cr, and is projecting a revenue of 1000 Cr for the fiscal year 2023. Driven by significant increase in demand for digital locks, the brand is poised for the imminent growth. To cater to this demand, the brand also introduced ‘Catus’ range of Digital Door Locks which are not just technologically superior, but also offer great value for money. To further support revenue growth, the brand will invest in market expansion, deepen market penetration and, also focus on brand promotion.
The company aims to be among the top three brands in the architectural fittings and systems industry in next three years. The architectural fittings category is a 10,000 to 12,000 crores market. The company is now concentrating on broadening its selection in the architectural fittings sector, and aims to cross INR 400 Cr in FY23 with advance design solutions that are tailored for the Indian household. GLAFS also introduced Neu-Lift Bed Fittings and HIKIDO wardrobe fittings, which introduce futuristic design and customizable solutions. Additionally, the brand also offers Smart Kitchen Drawers and Organizers (SKIDO), a cutting-edge line of organizers, drawers, corner solutions, under-sink solutions, and grain storage for Indian homes.
Commenting on the aggressive growth plan in India, Mr. Shyam Motwani, Business Head, Godrej Locks & Architectural Fittings and Systems said, “The legacy brand Godrej Locks has consistently placed emphasis on enhancing customer satisfaction which has always led to opportunities in expanding markets. In our 125th year, we are happy to announce that we not only plan to expand our digital locks business but are also growing our architectural fittings vertical. Modern design and technology play a very important role for us and that is where we will be focusing our efforts across categories. We plan to cross INR 400 Crs in the Architectural Fittings and Systems business, and overall revenue of 1000 Cr in FY’23, translating into a growth of over two times within the next 5 years.”
The brand plays a crucial role in this market by fostering the welfare of the Architects and Interior Designers (AID) community. GLAFS announced the ‘Godrej Value Co-creators Club’ (GVCC), a first-of-its-kind initiative for the AID community across India.
Godrej Locks currently exports to 24 countries across Asia, Africa, USA, and the Middle East. It provides locking solutions in international markets. The company expects its share from the overseas market to increase and is also planning to enter the architectural hardware and kitchen systems segment in these markets.