Bajaj Electricals Ltd is gearing up to launch new products and enhance its brand portfolio, including Bajaj, Morphy Richards, Nirlep, and Nex, over the next two to three years. This move is part of the company’s long-term strategy to revamp its consumer products business.
The company embarked on a transformation journey a few years ago, aiming to overhaul its business during the current decade. By completing the first phase, called “Horizon 1,” in FY23, it set out to achieve the Horizon 2 phase.
As part of this transformation, Bajaj Electricals invested in revamping its core brands and venturing into new categories like grooming products and lifestyle kitchen appliances.
For example, in FY23, the company relaunched its flagship brand Bajaj, which offers household appliances, fans, and lighting. Additionally, it expanded into engineering, procurement, and construction segments, covering illumination, power transmission, and distribution.
Bajaj Electricals operates in the home appliances and cookware sectors under brands like Bajaj, Morphy Richards, and Nirlep. Recently, it introduced Nex, a premium fan brand.
Anuj Poddar, the managing director and chief executive of Bajaj Electricals Ltd, stated that while the renovation process is ongoing, the early stages are completed. New products will continue to be launched over the next two to three years, refreshing the entire product portfolio.
The company allocates 2-3% of its annual revenue to introduce new products, along with increased marketing expenses. It is also repositioning its Nirlep cookware brand to focus on health and nutrition.
Poddar highlighted the company’s “house of brands” strategy, where each brand offers a strong consumer proposition. The focus is on premiumization, modernization, and catering to a younger demographic.
In the last fiscal year, the company’s consumer products business generated revenue exceeding ₹3,700 crore. Overall revenue for FY23 reached ₹5,429 crore, with a profit of ₹216 crore. Bajaj Electricals plans to continue investing in new launches and associated marketing costs.
Expanding the distribution network is another priority, especially targeting modern trade retail stores in large metros. The company aims to strengthen its presence in urban markets and large metros, gaining market share in both e-commerce and modern trade channels.
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