Anchor Electricals, a subsidiary of Panasonic Corporation, is aiming to grow its revenue by 20 per cent to Rs 2,600 crore in 2017-18, a company official said.
"This fiscal year (2016-17), we aim to close at over Rs 2,200 crore, with a growth of 13 per cent and next year we want to grow over 20 per cent and are looking at a net revenue of Rs 2,600 crore," Anchor Electricals Director - Sales and Marketing, Ashok Gangar told PTI here.
Japan's Panasonic Corp had acquired the domestic family-owned electrical equipment brand in 2007. The company is betting big on the government's economic reforms like GST and affordable housing.
"GST will be contributing hugely to our growth. With the new government policies like affordable housing, the industry will grow in the coming years," he added. It derives almost 45 per cent of its sales from tier III and IV cities.
The 53-year-old company enjoys a 30 per cent market share in the Rs 3,500 crore wiring devices segment that is growing at a CAGR of 10 per cent. Wiring devices account for almost 50 per cent of its sales.
The company, which makes switches, switchgears, fans and luminaries, is also exploring opportunities in the solar segment and has set a target of 100 MW in installations by 2018.
"In last two years, we have established ourselves in the captive rooftop model segment and one of our strengths is EPC offering. Next year, we have a big growth plan but price is a big constraint in solar. We would like to do 100 MW by 2018.
We have installed 10-12 MW so far," he said. It is also aiming to be an export hub for Panasonic. "We are developing products for export markets, particularly Gulf and African markets because the standards are a little bit different. Right now, exports contribute only 1 per cent of the revenues but exports can contribute 10 per cent to revenues in the near future," he said.